Comment Text:
10-005
COMMENT
CL-01188
From:
Sent:
To:
Subject:
Larry Ryan
Saturday, April 10, 2010 12:33 PM
Metals Hearing
COMEX silver position limits
Dear Sir;
I was pleased to see that a public hearing was held concerning position limits for precious
metals. As was covered in the hearing, there is a bulk of evidence that position limits are
certainly needed to significantly reduce the ability of one or a very few traders to set the price
of a given precious metal.
Please establish a speculative position limit in COMEX silver of no more
than 1500 contracts. Please restrict any hedging exemptions from those limits to legitimate
hedgers. Please 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. Without these limits,
products that use these precious metals are not priced to the real cost, and future products will go
into production that, once the true market price of the metal is reached, will suddenly become too
expensive to be economically viable while any potential alternative product will not have been
developed.
Sincerely,
Larry Rya n
Sacramento, CA
[email protected]
