Comment Text:
10-005
COMMENT
CL-01110
From:
Sent:
To:
Subject:
Bob Hays
Saturday, April 10, 2010 5:42 PM
Metals Hearing
Precious metals
I understand you are seeking public comment on the trading rules for
COMEX for precious metals. My concern is that these rules ensure that
anyone selling positions actually has the metal being sold. If it is
true that there are large positions of naked sales, with settlement to
be made not by delivering the commodity but some sort of cash payout,
then this is not a commodities market, as I understand your charter is
to regulate.
There is a very serious problem these days with dishonesty in financial
transactions, and I fear that it threatens the credibility of all
financial houses, and even government. This cannot be allowed, and
credibility must be restored.
Thank you.
Robert L. Hays
investor
New Zealand and New Mexico
