Comment Text:
The missed deadline in January to impose position limits in the precious metals market was a sad day in the CFTC fabled history. But it's not too late ;~) You can still do the right thing.
Job number one would be for you to work with and notify the SEC, state attorney generals and the DOJ to facilitate true investigations when information is brought to your attention (or maybe you have evidence that Andrew Maguires information provided to you between Nov 2009 and February 2010 was inaccurate, if so you need to inform the public about your secret information).
Job number two is to take the new regulations, and use them to truly PREVENT, and when you can't prevent, PROSECUTE manipulations in these markets.
I am sure the mighty sword of National Security will chop off any heads who actually try and do the right thing (which would be letting future markets be used for their original intentions rather than paper board games for the super rich banks and individuals), but wouldn't you rather be a martyr who TRIED to do the right thing rather than just being another appointed political hack with a huge swiss bank account?
Let's face it, the right thing is not leaving position limits in silver at 5,000 contracts, especially for organizations that have the ability to hide, shelter and manipulate their positions without your oversight. A 1,500 contract limit is more reasonable, and unless the organization is a miner, it should be more in the range of 500 or so contracts. After all, these markets were not set up on the premise that banks could play paper games to manipulate the prices. These markets were set up to allow miners to hedge their future production positions to smooth the ride for their shareholders. And they DO have the silver to back their positions.
Best of luck with this. I hope you will all make the right decision and do the right thing. Your destiny awaits.
Thanks for taking the time to read my letter.
W
