Comment Text:
10-005
COIMMENT
CL-00666
From:
Sent:
To:
Subject:
Jim Fowler
Tuesday, April 13, 2010 4:28 PM
Metals Hearing
Silver Market
Dear Sirs,
I am writing about the recent hearings by CFTC concerning the silver market. I had the opportunity to
view some of the proceedings on TV and came away with the following perceptions...
1. Many of the individuals responsible for the markets seemed to be very interested in "price discovery".
It seemed as though they hid behind this "mantra" as to the reason why no changes are necessary for the
markets. Their thought process is... Any change of current regulations by a government entity would be
undue interference in the process of "price discovery".
2. The above individuals seemed to see very few problems with their current operations and seemed not
to have any solutions.., because there are just not any major problems that the market was not handling
fairly.
3. It was very disturbing to see an insider give what appeared to be an accurate account of a major
trading firm manipulating the silver market. I felt that it very hard for him to make this stuff up and I did
not see an agenda for this individual to profit from his inside information.
4. I believe that if markets are fair to all traders.., then the issue of "price discovery" will take care of
itself. If individuals perceive the markets as being biased...then speculators start to look for angles in
which to profit unfairly. If this happens .. then it will probably come out of the pockets of unsuspecting
traders. Eventually this information will surface and then the markets will lose their customers because
they have lost their trust in the system.
You have a delicate balancing of many issues and I hope you get it right. I will be rooting for you!
Thanks
Jim Fowler
