Comment Text:
10-005
COMMENT
CL-00120
From:
Sent:
To:
Subject:
Manfred Kruger
Sunday, April 25, 2010 5:11 PM
Metals Hearing
Re: Metals Position Limits
Miami, April 26
th,
2010
CFTC
Attn: Mr. Gensler
Dear Sirs,
Although time is running out you are in still a position to make a difference before the extreme and
growing manipulative positions held by the bullion banks (As identified by the commitment of traders
positions reports) blow up. The bullion banks clearly have enormous advantages in terms of available
capital (Thanks to TAX PAYER funded bailouts), as well as superior market intelligence and political
connections to push their agenda versus the rest of us. But they have committed tremendous blunders
before (CDS, MBS anyone?) and are no match for foreign central banks that are just beginning to
accumulate metals to protect their depreciating reserves. When, not if, these central banks get serious
about protecting their foreign reserves, the bullion banks are going to get run over, their limitless
naked short positions will not be deliverable, and you and the CFTC will be responsible for the ensuing
mess. Are you going to fix matters now? Or do you prefer another tax payer funded bailout when they
blow up?
You have been warned and all the danger signals are clearly visible for anyone with an average IQ and
education. Tolerating this situation and allowing such excesses to grow any further reeks of complicity
that will haunt you in the future. You can always say you are sorry again, as you did after your stunt at
the Treasury in 2000, when the CDS and MBS mess was allowed to spread under your watch, but this
time the warnings are well documented and you will not be able to get of that easily. I will be saving
this letter for your future perusal. You will be accountable for your actions, or inactions.
Respectfully,
Manfred Kruger
[email protected]
