Comment Text:
The citizens of America are anxiously watching and waiting to see if the C.F.T.C. will abide by its mandate to create a level playing field for fair trade for all, especially precious metals, or will it be business as usual by allowing JP Morgan and company to continue their criminal short selling, especially of silver. The silver market is being manipulated by a concentrated short position. The current limit of silver of 5000 contracts is ridiculously high. It enables speculators to dominate the silver market with price control over 25 million ounces. Seeing as there are only three mines in the world that produce 25 million ounces of silver over an entire year and like wise there are only a small number of consumers that use up that amount of silver in an entire year, what sense does it make for any speculator to be given the ability to hold long or short more than the former are able to create or consume in a year? The answer for any thinking person is it doesn't make any sense.
The correct level is about 1500 contracts representing 7.5 million ounces. This is still more than the vast majority of producers and consumers of silver create or consume in a year. Any speculator holding an amount of silver derivatives greater than the amount that 99% of the producers and consumers use in a year has an inordinate amount of price control over the market.
I urge you to put in place a 1500 contract position limit for silver.
Sincerely, Mr. Eastham
