Comment Text:
Your job as a regulator is to regulate the large participants who have the resources and ability to abuse the markets because of their size, their implied government backing when they take too much risk, and their large staff. The small investor is not able to abuse the markets, certainly not in the commodities markets.
With dozens of attorneys and unlimited funds these large participants are able to make all kinds of arguments and lengthy responses to regulators with hundreds of pages of "documentation" to support their continued abuse of the markets. But as a regulator you must tackle the difficult task, which is regulating the large participants. To use an analogy, it is much easier for police to issue speeding tickets than to arrest a drug dealer who will have all kinds of legal protection, including lawers provided by the taxpayers. But if the police and regulators do not take on the large and difficult cases, who will?
Your job is to maintain an fair and equitable market. The commodities markets, and the silver market in particular, does not appear to be fair and equitable. Somehow the cloud over the market needs to be explained by the regulators or you must take actions to eliminate what appears to be abuse and manipulation. Simply, that is your job, and again the regulators appear to be blind to the obvious. The large participants make billions of dollars each year and proudly explain that they never have to take a loss, and yet the regulators seem to think that everything is just fine. An explanation by the regulators as to how they are maintaining a fair and orderly market should be in order.
Thank you.
Charlie Fish
