Comment Text:
10-005
COMMENT
CL-01496
From:
Sent:
To:
Subject:
RAYTROTT
Friday, April 9, 2010 2:10 PM
Metals Hearing
Silver Position Limits
Dear Sir;
I watched the entire proceedings of the CFTC Hearings on March 25th, 2010. I was
particularly impressed with
Mr. Chilton's comments and the questions he addressed to the presenters. It became quite
apparent to me that
the existing rules that govern transactions on the COMEX are not being policed or inforced.
The result is that the
big players are able to manipulate the markets. 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. These actions are vital to protect the integrity of the
markets. I fear that if
these actions are not taken soon the entire "house of cards" could come tumbling down. The
last few years have
shown us the market regulations are absolutely necessary. We cannot simply go through
another round of
financial disasters like the Bernie Madoff scandal.
Thank for the opportunity to comment on the issue of position limits for precious metals.
Sincerely,
Ray Trott
