Comment Text:
To the CFTC Commissioners:
RE: Rule-making for the Silver Futures Markets
The manipulation of the COMEX silver price by the largest traders continues and is not being adequately addressed by the CFTC. It has been documented in numerous forums on the internet (amongst smaller traders and the public hoarding physical silver) that the CFTC could EASILY curtain this illegal price manipulation by regulating the position limits for each trader (or related group) to 1500 contracts maximum. With each contract representing 5000 ounces (1500 * 5000) this would represent 7,500,000 (7.5mm) ounces of physical silver. Based on my knowledge of the commodities futures markets this is a very reasonable request and method of stopping the illegal manipulation of the metals. Are there any other physical commodities trading on the COMEX today that the CFTC allows a concentration of over 1500 contracts? The currently proposed limit of 5000 contracts (25mm ounces) is much to high and will do nothing to stop the ongoing silver manipulation.
The COMEX should consider taking immediately steps to propose a revised or separate draft setting position limits to 1500 contracts maximum for each trader (or related group of traders - i.e. companies and those owned by a trader). This draft proposal should be presented to the public for discussion and comment ASAP.
Thank you for this opportunity to make my comments heard.
WWW.AUCANARY.BLOGSPOT.COM
