Comment Text:
10-005
COMMENT
CL-00072
From:
Sent:
To:
Subject:
David Lellinger
Monday, April 26, 2010 11:02 AM
Metals Hearing
Position limits on precious metals, especially silver
I appreciate being able to make my views known to the Commission regarding
position limits on precious metals. The revelations made during your recent hearing
on this subject have widely publicized the problem of concentration in short
positions. Everyone can now see the extent of bullion bank manipulation of the
futures market in precious metals. This problem is particularly acute in the silver
market.
Therefore, I ask that you: (i) establish a speculative position limit in COMEX
silver of no more than 1500 contracts--long or short, and (2) restrict any hedging
exemptions from those limits to legitimate hedgers, i.e., silver producers and
users (miners and fabricators), not silver manipulators (banks).
Sincerely, David B. Lellinger, 40 Galax Lane, Brevard, NC 28712-7824
