Comment Text:
10-005
COMMENT
CL-00229
From:
Sent:
To:
Subject:
bill donovan
Saturday, April 24, 2010 3:11 PM
Metals Hearing
Metals Hearing Public Comment
Dear Sir;
Thank for the opportunity to comment on the issue of position limits for precious metals.
Please establish a speculative position limit in COMEX silver of no more than 1500
contracts. Please restrict any hedging exemptions from those limits to legitimate hedgers.
Please stop the levels of concentration in COMEX silver futures that have been experienced
over the past few years on the short side of the market.
Andrew Maguire's letter's to the CFTC should no longer be ignored. The CFTC's own lobby
has a plaque that reads:
THE MISSION OF THE CFTC IS TO PROTECT MARKET USERS AND THE PUBLIC
FROM FRAUD, MANIPULATION, AND ABUSIVE
PRACTICES RELATED TO THE SALE OF COMMODITY FUTURES AND OPTIONS,
AND
TO FOSTER OPEN, COMPETITIVE, AND FINANCIALLY SOUND COMMODITY
FUTURES AND OPTION MARKETS.
Consider the SEC's current situation. After having been warned 100's of times of a ponzi and
maniupulation they still failed to act. Look at where they are now.
Limits must be placed on all market participants. Why would any institution (or group of 4
institutions) need to be short 270 million ounces of silver. There is simply no economic
reason to hedge that much silver.
The market is coming for the physical silver and gold. The mint sold over 9 million ounces
of silver eagles in the first quarter. If there is an obvious lack of silver at the COMEX, we
will not cash settle. We will demand our physical silver. Imagine what that will do to prices.
These institutions could avoid such a blow off top by being restricted from adding to their
short position. They need to cover or allow their books to run off.
If the CFTC does not wish to be synonymous with Bernard Madoff, Sir Allen Stanford, SEC
porn surfing regulators, Arthur Anderson, Enron, and Global Crossing you must act
now. Please end this today and protect your institutions good name, protect the public, and
protect the system before it destroys itself.
Sincerely,
Bill Donovan
