Comment Text:
This follows up on my comment Late February No. 28996 and asks for action on the recent Blatant manipulation by Comex and others including Robotic trading participants in the the futures pricing of Silver over the period May 6th 2011 to date.
This current market experience where the $6 takedown in 12 minutes on May 6th, Sunday evening, on initial light Globex volume was clearly intended to get silver prices rolling downhill.
There were no fundamental developments in silver to account for it. Therefore, this was not true price discovery, but price-setting and manipulation. What is the Commission’s take on this matter?
The series of margin increases by the CME Group had the effect of adding downward pressure to a market already intentionally forced into rolling downhill.
The record high trading volume and 30% price smash indicate there was little true liquidity present. This is due to a disproportionate share of trading being performed by HFT computer bots. Why are these traders allowed to exist and control so much a share of silver trading?
