Comment Text:
10-005
COMMENT
CL-01358
From:
Sent:
To:
Subject:
Jay Gillette
Saturday, April 10, 2010 1 : 15 AM
Metals Hearing
public comments on precious metals position limits-concentration
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21
st
Street NW
Washington, DC 20581
Regarding public comments on the hearing on position limits & concentration in the
precious metals market.
Dear Commissioners,
Please do not change the position limits in the silver and gold markets, or the way that they are
enforced. I have been trading and investing in silver for at least ten years and I've done quite well.
I simply sell when the COT shows high numbers of contracts of commercial shorts, with a high % in the
four or less net short category. I buy when those levels are reduced. It works great for SLV and mining
shares. I've also learned that it really works quite well for gold and, for both put and call options using
the ETF's and mining shares.
The above is true. I watched, and appreciated, every moment of the webcast hearing. Seriously, I
would like to thank all of you for looking into these limits and exceptions. Even though it has been
profitable for me, the true hedging and price discovery functions of these relatively small markets has
been obliterated.
Sincerely,
Jay Gillette
