Comment Text:
As a US citizen and precious metals investor, I am very concerned about the massive short positions in silver that have been allowed to accumulate to JP Morgan and the other big 4/8 banks. It is clear that this sort of allowed concentration is permitting ongoing and heavy-handed manipulation of the Silver and related equities. These manipulations have affected me personally. More importantly, these banks are recklessly destroying our free market system. I shudder in fear as to what will happen when the artificially low price of silver (and gold) launches into the stratosphere in an uncontrolled manner.
I urge you to implement and enforce effective position limits in all commodities to help stop the ongoing COMEX market manipulation by these large banks. Silver has the largest short concentration of all the commodities and position limits in silver should be implemented with great urgency -- immediately. A reasonable limit is no more than 1,500 contracts or 7.5M ounces. In my own view, even 1,500 contracts is a bit of a high figure (considering the market size and legitimate needs of mining companies, etc.), but it is something that we can live with provided that it is strictly enforced and that exceptions are not granted.
I strongly support Bart Chilton and his efforts to establish effective limits, and offer my thanks to him and others who are championing this cause for freedom in our markets.
Lastly, I want to urge reforms within the CFTC that foster an atmosphere that encourages highly proactive and impartial enforcement of these regulations.
Thank you greatly for your time and consideration.
James Walters
