Comment Text:
Hello,
CFTC consideration of position limit levels in the Silver Futures Market is deeply flawed from the outset and will help no one but large banking institutions which are already ripping investors off with impunity due to concentrated futures positions. (JP Morgan, HSBC, et. al.) Setting position limits at the currently proposed levels will do nothing but strengthen the bankers (large traders) manipulative positions. The banking industry proposed these limits. Can you say conflict of interest? What are you thinking?!
Set the limits in the Silver Futures Market at no more than 1000-1500 contracts all months combined, or no more than 1% of the total yearly global silver production. The silver market is a small one and position limits need to reflect this fact or the situation is created where paper is setting the price instead of the underlying commodity.
Also DO NOT grandfather any existing exemptions for positions or organizations that exceed limits, but review every one of them and demand proof of the physical existence of offsetting positions such as in LBMA.
Do not grant exemptions to anyone but actual producers or financial entities actually holding positions for producers or refiners as clients. No exemptions should be issued for a financial entity's proprietary positions period. Especially not to the ridiculously concentrated levels that have recently and currently exist in COMEX Silver Markets.
The CFTC gives the appearance of being employees of the large bankers, instead of the people that are supposed to keep the traders in check. It is obvious that the Silver market is being whipsawed all over the charts because of naked short selling and hugely concentrated positions by 1 or 2 large traders. Again, you know JP Morgan is one of these as well as HSBC. They are about to blow up the precious metals markets. They are creating a shortage in a vitally (strategically) important metal, which has national security implications, since silver is used in so many High Tech applications and defense applications. This is being done for no better reason than to stuff the concentrated trader's pockets full of every other investor's money obtained by outright fraud and to generate commissions for COMEX aka CRIMEX..
It is time to earn your paycheck fulfill your duty or resign your positions. Commisioners Dunn, Sommers, and O'mallia, it is time to take the lead from Chairman Gensler and Commissioner Chilton and begin to redeem yourselves. You have no idea how much you are reviled and despised by the investing public for your appearance of blatant collusion with the very criminals that have caused the financial catastrophe the USA is in right now.
Regards
