Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I am retired and involved in investing my remaining assets. Because of my age, I do not have time to recover from a significant decrease in my invested assets. I also cannot allow my assets to be eroded away by inflation created by the Federal government and the Federal Reserve.
One of my few alternatives is to invest in precious metals, especially silver. I know the price of silver has been held down by deliberate and unjustified short positions held by JP Morgan and HSBC Bank. Others are also involved to a lessor extent.
There is no justification for these excessive short positions These short positions far exceed the silver holdings of these organizations. This is obvious naked shorting which is clearly illegal and contrary to the very concept of a free market.
I know your own staff has proposed reasonable position limits. I urge you to approve these limits and also limit any exemptions to bona fide hedgers. Please institute a limit of 1,500 contracts for silver. That would be 7.5 million ounces position limit for silver.
Thank you for you consideration.
Vito J. Messina
