Comment Text:
10-005
COMMENT
CL-00854
From:
Sent:
To:
Cc:
Subject:
Ed Steer
Monday, April 12, 2010 1:11 AM
Metals Hearing
Gensler, Gary ; Ted Butler
Position Limits For COMEX Silver
Dear Sir;
Thank you for the opportunity to comment on the issue of position limits for precious metals.
Please establish a speculative position limit in COHEX silver of no more than 1,500
contracts
....
and please restrict any hedging exemptions from those limits to
legitimate hedgers
only.
Also
stop the levels of concentration in COMEX silver futures on the short side of the
market
that have been experienced over the past few years.., as they are all held by bullion banks
[mostly JpIVlorgan and HSBC USA]. They [the bullion banks] should not be considered as
"lecjitimate hedgers" under any circumstances.., as they neither consume nor use silver in their
daily operations.
Sincerely,
Ed Steer
