Comment Text:
10-005
COMMENT
CL-00493
From:
Sent:
To:
Cc:
Subject:
Marc Messina
Sunday, April 18, 2010 1:47 PM
Metals Heating
Gensler, Gary
Please Lower Silver Position Limits
Dear Sir,
I am encouraged by the public hearing held by the CFTC on March 25. I understand that your office is
now accepting public comment on the issue of position limits in COMEX silver. I have the following
comments.
I am an average American citizen trying to protect his retirement assets. Based on the analysis of Ted
Butler, Jason Hommel and others, it is clear to me silver prices have been prevented from increasing to
fair market value because of price manipulation. This has been done through the periodic sale of large
naked short positions held by a few large entities (J. P. Morgan in particular). In my opinion, this is not
only illegal but also unethical.
Would you please:
¯
Establish a speculative position limit in COMEX silver at no more than 1.500 contracts.
¯
Restrict any hedging exemptions from those limits.
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Stop the levels of concentration in COMEX silver futures on the short side of the market.
Thank you for your efforts to improve the integrity and honesty of our markets.
Sincerely,
V. J. Marc Messina
