Comment Text:
I request the Commission to set limits on the number of contracts and individual or entity can establish to 1,200, and certainly no more than 1,500 for Silver and Gold. The currently proposed limit is simply too high.
There is a clear disconnect between the 'paper' market and the physical commodity, making pricing volatile, and allowing for concentration in the market that allows for collusion and market manipulation. Curtailing the number of contracts would be of substantial benefit to correcting major market imbalances that grossly, and I believe unfairly, being dominated by large institutions at the expense of the small investor.
Indeed, the leveraged speculation is now so high as to directly threaten the overall health and operation of these markets, and I believe the Dodd-Frank legislation was intended to curtail these practices in order to reduce systemic market risk; and it is the job of the commission to balance and protect both large and small market participants.
Thank you.
