Comment Text:
Dear Chairman and fellow comissioners,
This letter is in regard to common sense when it comes to addressing some of the rules and regulations that you are now engaged in with relation to commodity trading especially in regards to Silver. Balance in regulation is key for the smooth operation of the market. At present there seems to be an enormous amount of regulation on the side of long trading and an absence of regulation when it comes to that of the short trading especially when it comes to enforcement of any naked short trading.
It is obvious from your own COT reports of the blatant control of the Silver price by a few large commercial traders who are shorting the market. This is wrong and the country is suffering now with shortages of the Silver commodity. Position limits need to be placed on the short traders and hedging agencies. When realizing the main purpose to obtain a commodity from the COMEX these short positions must be justified and they cannot justify such large nakedly shorted amounts.
In my judgment, a 1000 or less contract position limit for Silver should be imposed on short contracts. This is justified in use and fairness and balances the regulation process.
Very Respectfully Yours,
Lt. Frederick A Stegner
