Comment Text:
CFTC has the responsibility to ensure that market is fair and eliminate manipulation which is so obvious even to a non-professional. CFTC should ensure that the organizations that participate in Comex trading should have a genuine and underlying business primary link in hedging of their primary business i.e physical silver/gold mining etc.. not have organizations speculating with paper manipulating the a market for its trading or arbitraging paper business, which is not in the primary trade of the underlying asset's business (like mining of silver or gold).
A swift and stringent position limits should be applied asap once manipulation is detected - this is soles CFTC responsibility and failure to be swift & strict with this implies that CFTC is assisting or even a player in manipulation to benefit 1-2 organizations which have no primary business in the metals.
Fair and appropriate position limits in silver should be NO MORE than 1,500 contracts or 7.5M ounces or less. The current proposed limit of over 5,000 contracts WILL NOT SOLVE THE PROBLEM OF MANIPULATION IN SILVER! The 1,500 contract limit or lower is the correct amount and is STILL greater than any other current concentration in physical commodities traded on the COMEX.
