Comment Text:
February 23, 2011
Commodities Futures Trading Commission
3 Lafayette Center
1155 21st St. NW Washington, DC 50581
Re: Silver Position Limits
To quote a letter addressed to you from Bix Weir:
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 OF 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.
As a private owner of physical silver, and an owner of silver mining stocks, I want to see the silver market operate as a fair market responding to supply and demand not to manipulation by large interests, using large short positions. Please implement a fair position limit of 1,500 contracts or 7.5M ozs.
Respectfully,
Gary Cartwright
[email protected]
