Comment Text:
10-005
COMMENT
CL-00809
From:
Sent:
To:
Subject:
secretary
Monday, April 12, 2010 9:24 AM
Metals Hearing
FW: COMMENT ON SILVER POSITION LIMITS
From:
Shailendra Kumar [mailto:[email protected]]
Sent: Sunday, April 11, 2010 9:23 PM
To:
secretary
Subject: COMMENT ON SILVER POSITION LIMITS
Honoured members of CFTC,
There are not many times when one gets to dish out his/her opinion on matters
relating to regulation of finacial markets. So this is a great moment.
I am a silver investors and have been investing in it for almost a decade. I began
investing in it after reading a lot about the physical shortage of this commodity. The
shortage is yet to manifest itself but there are indications that it may well be upon us
anytime. Yet the prices don't exactly reflect this tight position, the only explanation
for which is the dominance of silver COMEX market by some very large bullion
banks. They obviously fall within your jurisdiction, and so I feel that it is CFTC's
prime duty to reign them in. I don't need to tell you experienced regulators; this can
be easily done by establishing a speculative position limit in COMEX silver of no
more than 1000 contracts. Additional regulation may also require restricting any
hedging exemptions from those limits to legitimate hedgers. You are all very
respectable officers and as honest American citizens you also have the duty to
uphold the rule of law. I request you to do all within your powers to kindly 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.
Sincerely,
Shailendra Kumar
Mumbai, India.
Tel: 00 91 2168-240 388
+0091 93211 33034
