Comment Text:
I had thought that under your guidance JPMorgan was progressively, albeit slowly, reducing its dominant short positions in silver. That illusion has been shattered by the events of the last couple of weeks trading.
JPMorgan is openly accused of manipulation, yet these accusations of a 'crime in progress' have brought forward nothing in the way of a public rebuttal either from the company or yourselves.
Much patience has been required awaiting the CFTC to do its duty and end the speculation. Your duty is to impose position limits in silver consistent with the size of the market and needs of legitimate industrial and mining hedgers. Your staff's proposal is not consistent with that requirement. There is a widespread call for a limit of 1500 contracts, with no Exchange (or Commission) conceded exceptions. I support that lower limit concensus. Sadly, however, I do not feel you have courage to to do the right thing. I do hope I am wrong.
