the voice of the people
posted on
Aug 25, 2009 11:36AM
SSO on the TSX, SSRI on the NASDAQ
ted butler comments on the volume of comments written to the cftc about position limits:
Here’s another new regulatory development. (As previously explained, it is my intent to publish regulatory developments in the public domain, while reserving proprietary market research for subscribers to www.butlerresearch.com)
In “Special Notice,” http://news.silverseek.com/TedButler/1250014324.php, written two weeks ago, I disclosed that the public comment period for the open hearings held by the CFTC on position limits was ending a day later. I provided the comments that I had submitted and suggested that if you were so inclined you might comment as well. GATA then picked up my article and urged its members to write to the Commission as well.
The CFTC has now published the comments of those who wrote to them on this issue. You can read your own comments and those of all the others who wrote in. But set aside some time, as there were quite a few comments, roughly 400 in all. http://www.cftc.gov/stellent/groups/public/@newsroom/documents/file/energyhearingcomments.pdf Most importantly, again by rough count, 90% of the comments (360+) referenced the concentrated COMEX short position in silver (and gold). I’d like to explain why this is so significant.
In the three full days of the open hearings and the hundreds, if not thousands, of pages of documents supporting the testimony, and in all the questions asked and answered, never was there any mention of the concentrated short position in COMEX silver. Yet 90% of the public comments sent in by ordinary citizens and investors dealt with this singular issue. I find this extraordinary. I think it proves that the public is remarkably well-informed on this issue and is seeking specific answers and remedies.