Comment Text:
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 STILL greater than any other current concentration in physical commodities traded on the COMEX.
Additionally, in order to maintain a fair and free market it is the COMEX's own good to adopt the above limits. If not eventually somebody is going to start using the COMEX to actually take delivery in bulk (maybe a SWF or large hedge fund) and a trader who is short is going to get hurt, be forced into EFP and cause headlines.
Once the cracks are visible not to much longer until the dam breaks (permanent backwardation)
Sincerely,
Victor Brown
