Comment Text:
Commisars,
I vehemently oppose positon limits that are more than 1,500 contracts for silver. This represents 7.5 M ounces of silver which is more than a resonable amount to be naked shorting in the market. By now, these shorts have become problematic in the fact that this price suppression/manipulation scheme is not working and the COMEX will default. The price of physical silver continues to rise despite Blythe Masters best efforts to keep it down. By issuing all of those unbacked short contracts, all that they are accomplishing is delaying the inevidable parabolic rise of an decades long manipulated price of marked to market silver.
The fact that this issue is open for comments suggests that you, the comissars of the CFTC, have working knowledge of this ongoing blatent criminal activity. By merely allowing these activities to proliferate while we continue to point out the painfully obvious to you over and over again, suggests your willing complicity to let it continue unabated in hopes that the problem will eventually go away.
These problems will go away thanks to one of a few remaining oucomes that are guaranteed to occur.
1.) You will do the correct and moral thing by setting REASONABLE limits of no more that 1,500 open contracts allowed by one entity or subsidiary agents, employees, or officers of said entity thereby letting silver find it's natural market price.
2.) Enough SLV share holders accumulate enough shares to create enough baskets to demand delivery from the COMEX which willl bring the COMEX and the custodian of SLV, JPM, to declare a force majure and insolvency.
3.) You continue to obfuscate and stall while the price of silver goes parabolic and the COMEX blows up due to a force majure. When that happens, the last place on earth that I would want to be is in any of your shoes.
Lower the limits to a MAXIMUM of 1,500 contracts while you still have the chance to make a difference.
