As you know, I recently wrote to the CFTC about the concentrated short position in COMEX silver and urged others to do so as well. I also wrote to my elected officials and urged other U.S. citizens to do the same. I was correct in assuming my senators and congressman would forward my letter to the agency seeking comment. Just yesterday, I received a call from Congressman Brian Mast’s office informing me that they hadn’t received a response from the CFTC yet, but were staying on top of it. So I am fairly confident that a response from the Commission will be forthcoming.
Back in 2008 readers wrote to their elected officials about the sharp increase in banks shorting COMEX silver and gold. The August 2008 Bank Participation Report revealed that JPMorgan was the big short seller, taking over from Bear Stearns. I’m not sure we would have ever come to know that JPM was the big short without this correspondence to lawmakers. I have never been more certain that silver has been suppressed in price by the largest short sellers. This is the only factor that matters in silver. Any effort by the agency to continue to evade or distort that truth will prove damaging.
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