Comment Text:
The CFTC must put an end to the blatant manipulation of silver and gold. True price discovery for these commodities has been impossible to achieve for decades now. This is making a mockery of what is supposed to a level playing field in a free market system.
This whole situation reeks of collusion between the CME and the major bullion banks. Even if outright corruption is not at the root of this problem, can we afford to even offer the appearance of such? Certainly, any one who trades the precious metals markets can see that the bullion banks are able to manage silver and gold pricing without regard to supply and demand forces.
Wasn't the CFTC created just to prevent these problems? Why isn't our watchdog protecting market participants from this? If you reduced position limits in silver to 1,500 contracts it would clean up this dirty situation with great effect. A limit of 1,500 contracts would align the silver market with the same percentages allowed for other commodities.
Please fix this horrible situation immediately! Thank you.
