Comment Text:
It amounts to window dressing setting silver limits to over 5,000 contracts. This will not prevent or discourage the rampant silver manipulation that has been ongoing. Rather, such a weak-handed limit could be considered a green light for the trading bot switch flippers to continue their manipulation unabated.
If you want to be taken seriously, and truly want to help facilitate an end to the manipulation of silver prices, the only way to have an effect is to set position limits in silver to more along the lines of 1,500 to 2,000 contracts or roughly 7.5M ounces. And if you feel that is POLITICALLY unattainable, set up a tapered back limitation. For instance, a 5,000 contract limit that will be further reduced quarterly by 500 to 1000 contracts toward the ultimate limit of 1,500 contracts. This will give certain institutions the ability to shed their short positions in silver incrementally.
It is important to keep in mind that even a 1,500 contract limit would still be greater than any other current concentration in physical commodities traded on the COMEX.
