Comment Text:
Dear Chairman Gensler and fellow Commissioners:
Everyone knows that the huge short position in silver held by just a few banks is market manipulation, except you. Silver is the only market that has such huge short positions. To get some integrity back in the precious metal markets I urge you to approve the staff’s proposal on position limits, including limiting exemptions to bona fide hedgers. I would ask you, however, to readjust the proposed formula in silver. The current formula would result in a position limit of over 5,000 contracts for any single speculator, on an all-months-combined basis. 5,000 contracts is the equivalent of 25 million ounces of silver. This is too high of a threshold in light of the realities of the world silver market.
There are only three mining companies in the world who produce more than 25 million ounces of silver per year and only a similar number of industrial consumers using more than that amount. Any speculator holding an amount of silver derivatives greater than what 99% of the world’s silver producers and consumers make or use in a year would have inordinate pricing power. The purpose of speculative position limits is to prevent such a circumstance.
Please institute a 1500 contract (7.5 million ounce) position limit for silver. As you can see I agree with Mr. Butler regarding his position on silver manipulation and have adopted and copied his letter.
The facts are irrefutable, don't let the Bankster hoodwink you again. At the last hearing evidence was presented as to how the Bankster's manipulate the silver market and as far as I know nothing has been done about it except private lawsuits against the perpetrators. Damon R. Huffman, Attorney at Law
