Comment Text:
10-005
COMMENT
CL-00581
From:
Sent:
To:
Subject:
Duane Morris
Thursday, April 15, 2010 10:19 AM
Metals Hearing
Precious Metals Position Limits
Dear Sirs,
Thank you for the opportunity to comment on your work with respect to speculative
position limits in the precious metals markets. This is an extremely important action, as I
am sure you are aware.
Please establish a speculative position limit in COMEX silver of no more than 1500
contracts. The market currently is being controlled by a small number of speculative
players and while I understand the importance of these positions in the overall market
their use is for discovery of prices not control of prices.
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.
Thank You and Best Regards,
Duane Morris
