Comment Text:
G'day Members of the Commission:
I see by the banner in your title that the stated mission of the CFTC is to "Insure the Integrity of the Futures and Options Markets". My Oxford American Dictionary defines integrity thusly: "honesty, incorruptibility". I find a real dichotomy between that stated goal and actual fact in the precious metals market.
I know the commission has been studying this 'grey' are of position limits for over two years so by now someone should have a firm grasp on just how manipulative an open-ended short position is on the market price and how this benefits only those on the inside who know what the next move is going to be.
I have been invested in the PM market for over 12 years and have continually been taken to the cleaners by being on the wrong side of what should have been a very obvious move as pertains to geopolitical events and the reaction of the price of the metals. I have observed, on a daily basis, at a given time, the slamming of price for no perceived reason. I have subscribed to various investment letters to better understand this market. Over the years I have reached the conclusion that this market is rigged for the benefit of the federal government and the wall street bankers who do their bidding.
As you have noticed from events around the globe people are fed up with total control from the top and are demanding openness, honesty, integrity, and freedom from manipulation. We want truely free markets and transparent governments...not just in hypocritical name only.
In that regard can you folks really consider any position limit greater than 1500 contracts per entity?? I've heard 5300 bandied about. Four or five dealers banded together (as they always do on the short side) with this amount of volume would have a disproportionate amount of power in determining price....especially in a market as thin as physical silver.
At some point (hopefully 28 March 2011) the regulators are going to have to do an honest job of regulating. That is, after all, what you are being paid to do by the public. Enough is enough is enough.
I trust you will do the right thing.
Sincerely, John H Shore
