Comment Text:
This comment relates to the SILVER market.
I am one of the many who are aware of the comments made by Ted Butler, Harvey Organ and others who take the view that the COMEX silver market is manipulated by the large bullion banks. According to them, the lack of a suitably restrictive position limit facilitates and makes possible this manipulation by allowing the perpetrators to create concentrated short positions thereby allowing them to drive down the price. The end result is that market particpants with less capital than the bullion banks are forced to relinquish their positions at a loss and I believe there are several law suits in progress alleging this as well. The market action I observe provides me with nothing that contradicts the above.
It is time for the CFTC to regulate. Please, institute a 1500 contract position limit. Failing that institute another limit with clear explanation of why it is more suitable.
Also, if the multi-year investigation the CFTC has been conducting into the silver market regulated by the CFTC has found no manipulation, clearly present those results so participants of the market can be assured of such.
