August 18, 2009
Dear Chairman Shapiro:
I understand that you are soliciting comments on reinstating the short selling rule....well.....I mean, you guys and the CTFC have done a magnificent job forestalling any action in putting in position limits on the Comex.
The result has been JPM and HSBC have been able to continue running the silver market the same way things have always been done -- the price of silver is strictly controlled to the downside.
Knowing what's going on and that you guys would more than likely not buck JPM has made me a fortune.
Same thing in the naked shorting. The small and mid-sized metals companies have been crucified by the hedge funds. And, if you know what's going on, hey.......its been glorious.
So I say, come on. Why change what has been a very good thing for all of us who really matter? I'm sure that JPM, HSBC, and GS don't want to make any changes. And those of us who watch them closely and watch what they are doing sure don't.
Anyway, if you do make a change, I sure hope that you tell the big guys ahead of time. Those of us who trade in their wake will pick up message from the order flow......