Comment Text:
Dear Commission:
It is apparent by the latest increase in JP Morgan silver shorts, according to the latest monthly Bank Participation Report, that something must be done. It is quite obvious that JP Morgan is manipulating the silver market, how can anyone not think so? How
can one bank hold a short position equal to 25% of world production of silver and this not be manipulation of the price. Their latest move took them to almost 30%. How can you stand back and allow this to happen? Why isn't some one doing something about this? Is this not a violation of commodity law?
Chairman Gensler you need to set up position limits, monthly spot checks also would be a wonderful benefit to keep all the players in check. Force JP Morgan to buy back all the silver they have shorts on down to a viable amount like 5% of the world's silver. Force them to sell more of the short contracts.
Regulation needs to be put into place immediately to prevent this rampant situation from getting any worse or from it ever happening again.
Sincerely,
Cheryl Gittner
