Comment Text:
We are coming to an important crossroad with regard to what has been years of manipulation in the silver market. I have written you before regarding this because it was pretty obvious to me that no organization or individual should be allowed to speculate in these markets with huge numbers of contracts either long or short.
With the takeover of Bear Sterns by JP Morgan it became very obvious where the large player in this manipulation lies. Why in the world would a bank be doing this kind of speculation?
In my view, the appropriate position limit in silver should be NO MORE than 1,500 contracts or 7.5M ounces. Even that is a lot of speculation.
The current proposed limit of over 5,000 contracts still allows for speculation involving 250,000,000 oz of silver and this is way to large and WILL NOT SOLVE THE PROBLEM.
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.
Since Congress empowered you last year to be able to do something about this, PLEASE do the right thing.
