Comment Text:
Gary Gensler
Chairman, CFTC
Dear Mr Gensler,
As an individual investor, I ask your Commission to immediately take steps to limit the ability of speculators to severely manipulate the silver market by their use of huge long or short positions in the metal. The current exemption for such positions, 5,000 contracts or 25 million ounces at current prices, is unconscionable given that annually only 3 mining companies in the world produce more than this and only a few industrial consumers use more than this.
As Ted Butler has recommended, a 1,500 contract position limit for silver would be reasonable, thus denying speculators their current disproportionate and dangerous power in setting pricing outside regular market forces and therefore deliberately manipulating the market.
Thank you.
Duane B Gainsburg, MD, FACS, Neurosurgery
Fellow of the American College of Surgeons
