Comment Text:
Commissioners,
Absolutely incredible how pompous CFTC Commissioners are in denying all efforts to institute realistic and just position limits in a timely manner. The manipulation has been going on for a long time and apparently the Commissioners want to take a slow boat to China on changing the manipulation scheme. Your arrogance is appalling.
I'm going to make this comment VERY short.
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! The 1,500 contract limit is the correct amount and is STILL greater than any other current concentration in physical commodities traded on the COMEX.
Answer me and the public this...why is silver being treated differently than all other commodities and why are you Commissioners allowing such highly concentrated positions by speculators including banks like JP Morgan and HSBC? None of the big highly leveraged shorts are producers (who have a legitimate need to hedge).
Look people had respect for the CFTC in moving forward on this issue, but people are fast losing confidence in CFTC and the financial system.
Do investors have to convert all available funds to physical silver just to prove we can upset the paper contracts apple cart? That is what is going to happen if you don't bring on reasonable position limits. This war against manipulation is going to be won one way or the other. You can decide whether it is the easy way or the hard way.
Do the right thing...
FIX THE PROBLEM WITH NO MORE THAN 1,500 CONTRACTS IN SILVER!
