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Comment for Sunshine Act Sunshine Act Meeting: March 25, 2010

  • From: Randolph Epner
    Organization(s):

    Comment No: 21488
    Date: 4/10/2010

    Comment Text:

    10-005
    COMMENT
    CL-01189
    From:
    Sent:
    To:
    Subject:
    Attach:
    [email protected]
    Saturday, April 10, 2010 12:31 PM
    Metals Hearing
    Attention Mr. Gary Gensler RE: CFTC Hearings on Position Limits
    C FTCletter04.07.10.doc
    Dear Mr. Gensler,
    A hard copy of the attached letter is also being sent to you and my congressman and senators.
    Please see the attached letter.
    Very truly yours,
    Randolph EpnerPRECIOUS METALS PROCESSING CONSULTANTS, INC.
    May 26, 2010
    Commodity Futures Trading Commission
    Three Lafayette Centre
    1155 21 st Street, NW
    Washington, DC 20581
    Att: Gary Gensler, Chairman
    Dear Mr. Gensler,
    I am not a professional trader, but I deal with the recovery of precious metals in manufacturing.
    I am what would be referred to as a "little guy." Based on my knowledge of industrial usage of
    silver and gold, I have dabbled in trading on the Comex. "Dabbled" may not be the right word.
    I have lost a fortune relative to my income. It is with this background that I listened carefully to
    the CFTC hearings last month, because I always suspected the type of manipulation referred
    to by Mr. Murphy.
    I have also listened to the conversation of Mr. Andrew McGuire and Adrian Douglas. In light of
    this, I believe that you really have not been doing your job. It seems that a fraud has been
    perpetrated upon me; and you and your committee have been "investigating" this for 18
    months? It seems to me that you and your committee are either incompetent or worse. While
    you have been "investigating," I, and many others like me have been plucked and spit out by
    the same bunch of greedy, unlawful manipulators that has brought this country to its economic
    knees. Where is the fairness? Where is the rule of law?
    The truth is coming out now and you and your committee will be compared to the SEC in your
    ineffectualness if you continue to just investigate. The fact that Mr. McGuire, who has been
    dieing to tell his story was not even invited to testify is telling. I hope this letter is part of a heap
    of pressure on you to do the right thing.
    I urge you to establish a speculative position limit in COMEX silver of no more than 1000
    contracts, that's 5,000,000 ounces! Hedging exemptions have also been much too easy to
    obtain for speculative, not legitimate hedging positions. By allowing such concentration of
    positions by so very few entities, manipulation of the type that has cost me plenty is able to
    continue. The result will be many leaving the market, decreasing liquidity, which is just what
    you must want to avoid.
    430 Bergen Blvd., Palisades Park, NJ 07650 (201) 944-8053 fax (201) 944-8003
    email: [email protected] METALS PROCESSING CONSULTANTS, INC.
    Thank you for your time.
    Sincerely,
    Randolph Epner
    President
    RLE:ps
    cc: Scott Garrett, Congressman 5
    th
    District of NJ
    cc: Frank Lautenberg, Senator, NJ
    cc: Robert Menendez, Senator, NJ
    430 Bergen Blvd., Palisades Park, NJ 07650 (201) 944-8053 fax (201) 944-8003
    email: [email protected]