Comment Text:
Dear Chairman Gensler and Commissioners
With the January 15 deadline having passed and the March 28 public comment deadline fast approaching, I am once again writing to ask that the CFTC act expeditiously to set and enforce position limits on commodities per the mandate of the July 15 financial regulation bill. In particular, a limit in the silver market is particularly essential as the market manipulation to those as myself who watch this daily continues unabated.
How is it that a tiny $10 million hedge fund can hold 80,000 contracts? And how is it that just moments after the close of Comex trading as recently as last thursday Feb. 24
a $2 smackdown on the silver price in thin globex trading occurred, just coincidentally two days before expiration of the March contracts?
I and many, many others have suggested a 1500 contract limit in silver, taking our lead from analyst Ted Butler who has spent years dealing with this issue and communicating with the CFTC. Recently, Butler has pointed out that the 5000 contract limit currently on the table (or 25 million ounces) far exceeds the annual volume of all but three producers and maybe a few users. No need to elaborate but to concur with him that
such a limit is excessive and to reiterate that 1500 is certainly more appropriate in the circumstances.
Please move to set and enforce a 1500 contract limit in silver as expeditiously as possible after the close of comments on March 28.
Thank you for your attention to this matter.
J Akers, Chicago
