Comment Text:
Commissioners,
In regard to position limits of the silver market. The maximum allowed under the proposed regulations should be NO MORE THAN 1,500 contracts. 1500 contracts is equivalent to 7,500,000 ounces which is plenty for one entity in proportion to other commodity markets. Whereas 5,000 contracts is 25,000,000 ounces and is too large of a position which allows concentration as we have today. I also think that there should be no more exemption(s) allowed under the rules. Rules are rules for everyone to follow ~ NO EXEMPTIONS or EXCEPTIONS.
If your intention is to eliminate manipulation then everyone should have to abide by the same rules. How disgraceful this whole situation has become. We have a set of rules for a certain class (es) of citizens and another set of rules for big multinational banks classified as hedgers or otherwise. Perhaps you should take a closer look at the SRO organizations and exchanges themselves by continually reviewing their enforcement departments.
Why have we not seen the results of your silver enforcement investigation after 2+ years? When will the commissioners enforce the rules over certain large bullion banks already in place? Why did the commissioners throw out or ignore what thousands of citizens have wrote in to you in the last comment period only to follow a CFTC staff’s recommendation?
You ask for our comments as if you care what we say but in the end you do what you want.
As far as I’m concerned there is only one commissioner on you board worth keeping and that is Bart Chilton. The rest of you I would be kicking to the curb as in looking for new employment.
Jon Thone
