Comment Text:
Dear Commissioners,
I wish to express my extreme displeasure with the lack of action and transparency that the commission has taken in regard to Precious Metals futures trading, and in particular the Silver Market. Most people know this market is manipulated by major bullion banks who control the price on a daily basis due to excessive number of contracts that they are allowed to trade.
I believe that a fair and appropriate position limit in silver should be no more than 1,500 contracts or 7.5 million ounces. The current proposed limit of over 5,000 contracts will not solve the problem of market manipulation in Silver. 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.
It's time that you bring back fairness and real market price discovery via these recently mandated and lawful position limits.
Furthermore, I am personally disgusted with the degree of illegal and predatory trading that is allowed by your agency on behalf of these large traders. It must end, and it must end now. I have already written both my Senators in regard to the failure of the CFTC to enforce the law and end these illegal and highly prejudiced actions by the CFTC for the 'favorite' traders.
Do the right thing for once, and start protecting the average investor, and not your pals in the banking industry!
Best Regards,
George B. Hug, President
NorthWest Builder's Network, Inc.
