Comment Text:
10-005
COMMENT
CL-01269
From:
Sent:
To:
Subject:
Anthony Cabrera
Saturday, April 10, 2010 10:01 AM
Metals Hearing
Comex Position Limits
Dear Sir;
Thank for the opportunity to comment on the issue of position limits for precious metals.
Your recent hearing on this manner was very much appreciated. With any manipulation, there are
of course winners and losers. The winners of this manipulation are obvious and have been
publicallyexposed. The losers are not only investors but also the producers themselves. The
producers of these vital metals and their shareholders have been systematically robbed of potential
profits for years through the manipulation of these metals bya privelaged few. Lower prices
ultimately leads to lower output by restricting profits and thereby stripping away any incentive to
invest the necessary capital needed to bring additional supply to market. With silver especially
being such a vital commodity with hundreds of commercial uses, this manipulation has much
broader consequences than simply the criminal transfer of wealth.
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.
Sincerely,
Anthony Cabrera
