Comment Text:
10-005
COMMENT
CL-00620
From:
Sent:
To:
Subject:
Coby Leyden
Wednesday, April 14, 2010 11:01 AM
Metals Hearing
Please limit positions on speculator banks.
I urge you to follow through on your consideration of position limits on the COMEX for precious metals
contracts. For example, in my opinion, we need to establish a speculative position limit in COMEX
silver...somewhere around 1500-2000 contracts seems appropriate. Any hedging exemptions from those limits
should be restricted to legitimate hedgers. The levels of concentration in COMEX silver futures are extreme and
unprecedented for a market that needs to be free of manipulation to operate fairly and properly. At the
moment, the number of contracts controlled by large speculator banks far exceeds the amount of silver
available...which means we are trading paper...not silvero..and prices in such a scenario bear little relation to the
actual value of this commodity. By acting appropriately now, you have the opportunity to restore legitimacy to
the COMEX precious metals markets.
Thank you for your consideration of this important problem.
Sincerely,
James A. Leyden
Arlington, VA.
