Comment Text:
10-005
COMMENT
CL-01322
From:
Sent:
To:
Subject:
Mark Everett Brown, DC
Saturday, April 10, 2010 7:46 AM
Metals Hearing
Silver market limits and manipulation
Dear CFTC,
I would like to commend you on your recent metals hearing. The need to transform the metals market
into a real free market is desperately needed. Large institutions have for decades manipulated the pricing
in these markets to the down side. The exact nature and reason is unknowable to the average citizen, but
you have the authority and power to investigate and change these markets for the good of the American
people.
Large Banks such JP Morgan must have position limits(and have them enforced) and perhaps
restrictions on the percentage of volume they can sell or buy in a given time period. Much of the damage
has been relatively large orders in a fraction of a second which artificially moves the markets. Over the
years countless citizens have been fleeced in this way. They assume you at the CFTC are honest brokers
insuring free markets and are unaware that fraud on such a large scale is possible. What we now see in
all markets is what happens when our regulatory agencies look the other way and allow large institutions
to distort the markets for there own purposes. Our way of commerce depend on free markets, allowing
all who desire to participate equal opportunity to succeed.
I strongly urge you in this extreme hour of opportunity to seize the moment and place position limits on
large institutions and traders. Their is no logical reason other then distorting these markets to have
exceptions to position limits and the fact that these positions go on month after month and year after
year is testimony to the fact of market manipulation.
In closing let me implore you to do the honest thing for the markets and our country and stop this
fraudulent practice and strengthen position limits. Thank you for your time.
Regards,
Dr. Mark Everett Brown
