Comment Text:
I consider that the CFTC has taken an inordinate amount of time in dealing with an issue that is one that is in need of urgent action and which shall have not only significant US national but significant global implications.
The effectively unregulated markets have now come to a position of such imbalance and influence by such few players that a most dangerous state exists - one that the CFTC has had both the authority and responsibility to regulate, but has so far failed dismally in its duty to do so.
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. A 1,500 contract limit is a more correct amount and is at that still greater than any other current concentration in physical commodities traded on the Comex.
If the CFTC fails to take proper attempts to fulfil its duty and impose appropriate position limits in silver and other commodities it cannot absolve itself from the inevitable turmoil in these markets and the damage that shall be created as a direct consequence.
Fair markets through regulation of all equally so that no single entity or cartel can control price is all that can be expected, and all that must exist for a healthy market to prosper.
It is time for the CFTC to do the job it has been given.
And the time is NOW.
