Comment Text:
Over the last couple of years the blatant manipulation and "pulling of bids" in order to suddenly crash the spot price by large players in the PGM's market has led to massive personal losses for me. Losses that are incurred without rhyme or reason, but purely because of the monopolistic like position these large commercial organisations hold, in terms of their contract holdings. Instead of having an orderly market we are subject to volatile swings in price which blatantly bear no realtion whatsoever to fundamentals in the market place.
Even more infuriating is the knowledge that there is no way that the enormous positions held by the big players can be backed up by physical metal. The volume of contracts traded often exceeds any semblance of relation to actual physical production of PGMs. As such the PGMs market overseen by the CFTC is clearly fraudulant in that the physical is not there to back up the trades made.
I was SHOCKED and AMAZED by Jeffrey Christians assertion at the recent CFTC hearings that silver was traded at a ratio of 1oz to 100 fiat currency. Coupled with other evidence supplied by GATA it is clear that there is something seriously wrong with the current system. Recently the spot silver price declined in a matter of MINUTES by nigh on $2.00. WHY, HOW and WHO was able to do this? Have the CFTC investigated and what is the result of that investigation?
Now I realise this is because the amount of silver contracts standing for delivery in March would have lead to a COMEX default. The amazing thing is that the CFTC actually believe the public do not see and know this! At the moment I have no faith that you will enforce a ruling that protects the individual over the corporate banksters that seem to running the USA these days. However you have asked for opinions and here is mine:
I would like to ask the CFTC to implement a limit of no more than 1500 contracts for any one organisation so as to avoid any one entity having unfair advantage in the PGMs markets.
Much good it will do I am sure.....
