Comment Text:
Dear Commissioner:
Please implement effective position limits to help stop the ongoing COMEX market manipulation by the large banks that have recklessly destroyed our free market system. Silver has the largest short concentration of all the commodities and position limits in silver should be implemented immediately. A reasonable limit is no more than 1,500 contracts or 7.5M ounces.
Based on your numbers you have 9,343,000, ounces of silver available for delivery. However, with a contract being 5,000, ounces that would mean the Comex can only cover 1,868 contracts.
So with current outstanding contracts being 137,000, you have allow silver to be leveraged 73.31 times the underlying asset.
To the average person the: manipulation, exemptions, multiple increases in the margin requirement, and the 2 day vault approval for JPM sure does make the CFTC look complicit, don't you think?
Best Regards,
Mike Mullvain
Westing Realty Group, Inc.
President
