Comment Text:
To: The Honorable Gary Gensler and Members of the CFTC,
I am and have been an individual investor in commodities as part of my retirement plan for more than 10 years. During this time one of my primary investments has been silver. I am not an active investor but actively watch my investments. At first I wondered why the silver price would slowly increase then suddenly fall over a short period of time and generally when there is no apparent or significant reason. I started reading about silver and the reason for the price volatility became obvious to me; there is a concentrated short position controlling the market.
In several speeches by Mr. Gensler I note his references to “integrity” and the CFTC’s responsibility, and more importantly obligation, to protect the market integrity and “ensure markets do not become too concentrated”.
I’m not a market expert but I consider myself an educated person. In my opinion how can any knowledgeable person with integrity not see the concentrated short positions and their effect on silver pricing in this market.
I agree with many of the comments to your Committee requesting a reasonable limit of 1500 contracts, without exception, and make this recommendation myself.
It’s time for the CFTC to stand up for the individual investor, actually show your integrity with actions not just words, and deliver on your charge to protect the market.
Sincerely yours,
Don Denison
