Comment Text:
Commisioners,
I would like to add my voice to the nearly 4,000 other citizens who have written in support of imposing a 1500 contract position limit in silver trading. In particular, I would emphasize the importance of not allowing exemptions for any entities other than bona fide hedgers. This exemption SHOULD NOT be granted to entities such as large US banks.
Let us be clear. The government's own data supports the conclusion that large US banks have held in the past, and continue to hold, significant concentrated short positions in silver trading. This has been confirmed by Commissioner Chilton in an open public hearing.
This FACT is beyond "conspiracy theory". This concentrated short position is BY DEFINITION potentially manipulative, and requires immediate correction. As Ted Butler amongst others has suggested, a 1500 contract limit would be equivalent to about 1% of world annual production of silver. Such a limit would put silver trading in line with all other traded commodities.
This issue is in reality a silver specific issue. I hope that you will take heed of the voice of the American citizenry.
Perhaps the only thing MORE infuriating than manipulation of trading is the willful disregard by a public agency of the voice of the people.
The mission of the CFTC is to ensure fair and transparent markets. It is about time that you do your job.
