Comment Text:
10-005
COMMENT
CL-00811
From:
Sent:
To:
Subject:
secretary
Monday, April 12, 2010 9:22 AM
Metals Hearing
FW: silver futures
l~rom: Michael Deitz [mailto:[email protected]]
Sent: Sunday, April 11, 2010 6:44 PM
To:
secretary
Cc:
[email protected]
Subject: Fw: silver futures
..... Forwarded Message
Dear Sir, I understand that you have opened public statements on position limits in
regards to the precious metals futures market. Thank you for the opportunity to be heard
on this subject.
Several years ago I actually took delivery of a silver futures contract on the Comex
Exchange. It was not particularly easy even then, but was possible even for an individual
like me. I am assured by my trustee, that individually numbered Comex approved bars
and their exact weights ( I was surprised none actually weighed exactly 1000 ounces )
are in storage at a Comex approved warehouse for which I pay a small storage fee each
year. Obviously my interest in this subject is more than academic.
I would sincerely request that for the health of the silver market and the good of most
of the interested parties, producers, users, and the speculators that keep the market viable,
you establish position limits of no more that 1500 contracts. Further that any exceptions
to these limits be limited to legitimate hedgers, i.e. actual producers and users of the
silver. Stopping the extreme levels of concentration, especially on the short side, that we
have seen in the last few years is essential in my belief for the good of the public at large
( to help spur production to keep up with demand and prevent severe shortages ) and give
the producers/users a stable market for their legitimate hedging. I hope that you will
phase in such necessary controls as soon as possible to prevent a possible crisis.
Thank you, Sincerely, Michael Deitz, Prairie Village, Kansas
