Comment Text:
10-005
COMMENT
CL-00655
From:
Sent:
To:
Subject:
horace, [email protected]
Tuesday, April 13, 2010 9:09 PM
Metals Hearing
WHEN WILL IT STOP?
I swear this is NOT an April Fool's joke. But maybe this is a long
standing joke on the American people, ever since 1975.
WHEN WILL IT END ?????????
The Plaque 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
CFTC, obey your plaque!
When the open interest in silver futures contracts exceeds 800 million oz., and when the silver
on deposit for delivery is a mere 50 million oz., it does not take a genius to figure out that
something is out of balance. That's only a 6% backing!
When the London OTC market trades in excess of 125 million oz. of silver per day, and only
has 75 million oz. of physical in the vaults, again, it does not take a genius to figure out that
something is out of balance there, too. The BIS notes that the OTC "over the counter" other
precious metals derivatives exceed $200 billion, which is about 12 billion oz. of silver, or
almost 24 years worth of mine supply, and 160 times the 75 million oz. they have left!
It should not take any hearings or investigations. But the investigations serve the purpose of
revealing the numbers to CFTC commissioners who may not otherwise know.
WHAT THE HELL HAS THIS GREAT NATION COME TO ANYWAY, TO ALLOW
THIS TO HAPPEN,10-005
COMMENT
CL-00655
HORACE CAVALLARO
