Comment Text:
Mr. Gensler,
Once again, I had the displeasure of witnessing a crime in action on 2/24/2011. A crime that your organization has the mandate to police. You know what it is, you saw it. In fact you have been spoon fed exactly how it is done, when it will be done and who is doing it. Yet you do nothing. Short sellers are entering into naked short contracts, they are violating market rules, falsely presenting their contracts to the public, and doing all this with a premeditated intent to defraud buyers The vast majority of short positions in gold and silver appear to be held by only 2 – 3 American banks, so, it would be extraordinarily easy to pinpoint the perpetrators. Potentially, they could be prosecuted for market manipulation, common law fraud, state and federal RICO actions, as well as other counts. But because the laws/regulations that govern this crime are not enforced by you and those like you, these criminals blatantly commit this crime in your presence, with you watching. What is really pathetic is that you and your staff attend business meetings and social functions with these fraudsters before, during, and after the commission of these crimes. You mingle in the midst of this vermin and then pretend to hold hearings to discuss how to govern them. Sir, your organization is a disgrace to the United States, and you as the chair, are to blame. You lack the courage to do what you swore to do when you took your position, indeed you are a complicit coward. I look forward to the day when you are given the support and direction you truly deserve from the American people.
Position limits in silver should be NO MORE than 1,500 contracts or 7.5M ounces. The proposed limit of over 5,000 contracts WILL NOT SOLVE THE PROBLEM OF MANIPULATION IN SILVER! The 1,500 contract limit is potentially the correct amount and is STILL greater than any other current concentration in physical commodities traded on the COMEX.
Do the right thing. If it all comes tumbling down, than so be it... We will be better for it.
