July 23, 2010 U.S. Commodity Futures Trading Commissioners
3 Lafayette Centre
1155 21st St. NW
Washington, DC 20581
Re: Position Limit Implementation
Dear Commissioners -
With the passing of the new Financial Reform Law it is clear that the people of the United States of America have spoken through their Congressional representatives that it is time to END FOREVER the manipulation of gold and silver on the COMEX. There is no gray area here and there should be no doubt as to your mandate.
Commissioners Dunn, Sommers and O'Malia have hidden behind a fake paper wall of their own creation by NOT ENDORSING immediate position limits on gold and silver, BUT NOW THE PEOPLE HAVE SPOKEN.
The other day one of my subscribers got an email from Bart Chilton stating that he was excited that the new Law requires those of you who did not endorse position limits to reverse your position. Bart also stated that the Law requires the CFTC to set these position limits within 180 days. I share in this excitement but I'd advise that you head this warning...DO NOT DELAY THE IMPLEMENTATION OF POSITION LIMITS!
The CFTC and you Commissioners have had over a year to plan for this moment so there should be NO REASON why the limits and structure has not already been analyzed, vetted and documented. WE THE PEOPLE have cleared the runway for you so implement this mandate immediately!
Position limits for silver should be NO MORE THAN 1,500 contracts. Anything higher than that is an invitation for more criminal behavior and the People have told you to END that game.
We await your immediate response to the Law and the immediate implementation of position limits.
Your time is up.
We The People have spoken.
Direct email: Ggensler@cftc.gov, Mdunn@cftc.gov, Bchilton@cftc.gov, Jsommers@cftc.gov, Somalia@cftc.gov