Comment Text:
Dear Commissioners,
I have been reading a tremendous amount of information concerning the efforts to support the proposal for limited futures contracts concerning precious metals on the COMEX, particularly silver contracts. It has been suggested that a limit of 1,500 contracts be the proposed upper limit for all futures traded metals, although such a limit would still allow a total of 7,500,000 ounces of silver metal to be controlled by just one commercial entity, which in all honesty, still seems a bit excessive and manipulative. But I guess in the context of JP Morgan currently having approximately 125,000,000 ounces (25,000 contracts as of last week's bank part. report) under futures short contract control, a limit of 1,500 contracts actually sounds conservative and acceptable.
Beings it's the CFTC's job to prevent market manipulation of commodities, which hasn't been done to date, limiting an entity's market control to approximately 1% of annual production (7,500,00 vs. 750,000,000 oz of annual world silver production) would seem to be a much more appropriate level of participation by any entity, commercial or otherwise.
Therefore, I do support and recommend a futures contract limit level of 1,500 contracts in the precious metals futures market for silver. I also support there be no exemptions to this new limit level for any entity of any sort for any reason what-so-ever, as doing so completely defeats the purpose of any limit establishment.
The average American citizen is tired of seeing the manipulations, abuses, and outright frauds being committed on Wall Street, in Washington DC and within the Federal Reserve and supporting Fed agencies. At some exhuasting point those same Americans will feel entitled to act the same, and then rather than being the "minute minority" committing financial crimes, it'll be "Main Street America" acting out in vengence toward the priviliged few and elite class, and doing so with a conviction of earned righteousness through the notion of personal civil justice action.
Thank you,
Mark Morris
The impropriety of inaction has gone on long enough. The CFTC must act in favor of the American public for once, instead of the moneyed elite class, and in doing so, righting a market damaging wrong that has persisted for far too long. So long in fact, that the change will no doubt possibly have a most deliterious effect on the largest of manipulators.
The CFTC would certainly know who those offenders currently are.
Thanks,
Mark Morris
