Comment Text:
Dear Commissioners,
In order to preserve the free market system our country was built upon, it is your patriotic duty to assure the fairness of our markets. All of our markets are presently in a state of discredited repute. The public perception of our markets has fallen to dangerous lows after the credit crises. The public must be reassured that regulators are acting in their interest. To fail at this will cripple our capital formation system. The free flow of capital in all forms is reliant upon a trust in fairness, property rights, and the rule of law. No entity can be afforded special treatment.
Although all markets are sacrosant, the silver market stands out as a special commodity due to the historic role silver holds as money. In this historic role precious metals are the best measure by which the markets can indicate when our central banks have stepped out of line. As such, you must assure the free pricing mechanism of the precious metals markets in order to promote the legitimacy and efficacy of our central bank and their fiat money notes. To allow for any doubt in this is to risk the demise of our present financial system.
It is apparent that there exists in the investment community a lingering doubt about the fairness of the silver futures market. This festering doubt eats away at the credibility of our modern financial system. You must remove this doubt by imposing convincingly low contract position limits in the silver futures market with no grandfathered or any other exceptions. I agree with Ted Butler's proposition that 1500 contracts is plenty. It is now in your hands to repair the reputation of our markets.
Sincerely,
Tim McCormick
Senior Vice President
Frost Bank Capital Markets
