Comment Text:
Thanks again for the opportunity to comment on the issue of position limits for precious metals. As an investor, in recent years I have become aware some very important and disconcerting issues concerning the precious metals markets. Specifically alarming, are those involving allegations of a large unsecured and concentrated speculative short position that I feel is very manipulative in nature, and which has deterred many investors, like myself, from otherwise participating in this market.
I suspect many investors and institutions alike are probably opposed to most forms of gov't market controls, however, after carefully studying the unusual situation involving COMMEX silver futures, I have come to realize that as with all types of human activity and enterprise, certain rules of conduct must be established and maintained in order to ensure a fair and level field of play for all participants. Therefore, I believe it has become necessary to enact measures that will help restore confidence and legitimacy to this market. It is imperative that a speculative position limit in COMEX silver of no more than 1500 contracts be established immediately. Any hedging exemptions from this 1500 contract limit should be strictly reserved for only legitimate hedgers. Please stop the levels of concentration in COMEX silver futures that have been experienced over the past few years on the short side of the market.
Again, thank you for your consideration of smaller non-institutional investors such as myself.
Best regards,
John Camper
