Comment Text:
10-005
COMMENT
CL-01476
From:
Sent:
To:
Subject:
secretary
Friday, April 9, 2010 2:38 PM
Metals Hearing
FW: Position Limits in Silver (and Gold)
From:
Dan Kolton [mailto:[email protected]]
Sent-" Friday, April 09, 2010 2:22 PM
To; secretary
Subject." Position Limits in Silver (and Gold)
To Whom It may Concern:
I would like to take this opportunity to formally endorse the idea of position limits in precious
metals. As an investor in such, I find it deplorable that the "big boys" on Wall Street and
London can routinely take positions large enough to distort markets at will and crush smaller
speculators and holders of metals. Have we not learned our lesson from the Hunt Brothers
debacle what happens when the "too big" distort markets? Certainly the "too big to fail"
banking market should have reinforced our need for limits.
Please establish a speculative position limit on the COMEX silver market of no more than 1500
contracts. Please restrict hedging exemptions from those limits to legitimate hedgers. It is time
to put a stop to the levels of concentration in COMEX silver futures that have been
experienced over the past few years on the short side of the market. The market is corrupted
by such, and it is your job to reign in this insanity.
Sincerely,
Dan Kolton
Mercer Island, WA USA
