Comment Text:
Dear CFTC Commissioners,
Since President Obama signed into law the historic Financial Regulatory Reform legislation package, CFTC Commissioner Bart Chilton’s continued statements affirm that the new law mandates that the CFTC establish position limits in order to prevent market concentration. Position limits in silver are needed more than ever to break the stranglehold of concentration on the short side of COMEX silver.
It seems clear that the new law abruptly alters the debate of whether the Commission should adopt strict position limits in COMEX silver into what the position limits in COMEX silver should be. This is a remarkable transformation. It’s now a question of what the position limits in silver should be and when they should be enacted, not if we should have them.
Based on real world production and consumption, world and exchange inventories, and an objective comparison of silver with all other commodities of finite supply the case can be clearly made for a contract limit of 1500 positions. The case is easy to make and has been made repeatedly during many years of this crime in progress. It is time to break the silence and initiate an honest debate. It's not just about the level of limits, but more about enforcing those limits on the commercial big shorts, like JPMorgan. It would be criminal on your part to allow the eight or so commercial banks to be grandfathered in at current holdings levels. Once legitimate position limits are in place the large commercial banks can be given an appropriate unwinding of its concentrated short positions.
These legitimate position limits in COMEX silver should be enacted today. No delays! With the law to back you, how can you continue to let a crime in progress rob decent citizens of a fair and free market due to the presence of overt concentration and manipulation by a few commercial banks.
It’s time to stop stalling and for the CFTC to get specific. I and thousands of like minded citizens want to know when legitimate limits will be initiated and what the limits will be. Enough is enough. It’s time for you to come out from the shadows on silver and let us know where you stand. If not, just admit that you're part of the crime and resign your commissions. I prefer the former to the latter. I hope you do too.
Sincerely,
James Young
