Comment Text:
10-005
COMMENT
CL-00893
From:
Sent:
To:
Subject:
Scott Flanders
Sunday, April 11, 2010 8:04 PM
Metals Hearing
Metals Markets Comments
To Whom It May Concern,
Having listened to the public hearings regarding position limits for precious metals, the reports of
blatant manipulation of the markets was very concerning. I urge you to seriously investigate these
claims and produce a public response to them. Most specifically, Iam thinking of the testimony of
Andrew Maguire that was read onto the record by William Murphy. Claims this serious must be
subject to legitimate investigation in order for the market to maintain any investor confidence and
market credibility.
In addition, I urge you to establish a speculative position limit in COMEX silver of no more than
1500 to 2000 contracts, which is in line with the limits placed on other commodities, including
other precious metals. And then, to ensure the effectiveness of those limits, please restrict any
hedging exemptions from those limits to legitimate hedgers. Taking these steps will help 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, allowing a free market to prevail.
Thank you for the opportunity to comment, and I look forward to your continued progress on these
important issues.
Sincerely,
Scott Flanders
