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

  • From: Anthony Cabrera
    Organization(s):

    Comment No: 21568
    Date: 4/10/2010

    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