Comment Text:
10-005
COMMENT
CL-01407
From:
Sent:
To:
Cc:
Subject:
Dave Stafford
Friday, April 9, 2010 7:14 PM
Metals Hearing
Gensler, Gary
Feedback on Precious Metals Position Limits-CFTC Hearing from an Individual
Investor
TO:
Chairman Gary Gensler
Secretary of the Commission
Dear Chairman Gensler:
Thank you for holding the public hearing on precious metals position limits, and for
the opportunity to provide feedback.
I was able to listen to virtually all of the hearing presentations via webcast from the
variety of panels. Based upon the information presented, it certainly seems that it
would be entirely reasonable to establish speculative metals position limits in the
COMEX on silver of around 1500 or so contracts. Further, there should be a clear
restriction of hedging exemptions and limit that to those legitimate hedgers.
In spite of all of the protestations by large companies such as HSBC and others
supporting their position, I believe it was clear that they could not really justify the
levels of concentration seen in the COMEX silver futures, on the short side of the
market, and were reduced to the threat that "if you regulate us you will force us into
'unregulated markets.'" I believe this is an empty threat and
YOU should call their
bluff.
If they were operating legitimately, and answering truthfully, there would have
been no need for threats.
Thank you for what you are trying to accomplish. Keep it up and let's put a stop to
the abuses by a few by setting up and enforcing position limits on the COMEX for
silver.
Sincerely,
Dave
Dave Stafford
P.o. Box 129
Stafford, VA 22555
703/926-1288
Emaih [email protected]
