Comment Text:
I concur with the 1,500 contract position limit for silver futures vs. the 5,000 limit that is currently proposed. It is essential that the physical markets set the price of all commodities and that these spot prices are not impacted by the amount of hedging, speculating, or gambling that occurs on the futures exchanges. The dog wags the tail, not the other way around. Reasonable limits not only prevent the large naked short sellers from committing fraud against the public, but they also prevent short sellers from committing suicide by limiting the amount of silver that they may be forced to deliver. This is a win-win for both sides of the transaction.
Please proceed quickly. We must rid the system of fraud and massive leverage so that we can all discover the true price and ownership of the silver that remains in existence.
