Comment Text:
10-005
COMMENT
CL-01514
From:
Sent:
To:
Subject:
Ken Schmitt
Friday, April 9, 2010 2:01 PM
Metals Heating
position limits
Dear Secretary and members of the Commission:
Thank for the opportunity to comment on the issue of position limits for precious metals.
In my opinion in order for the COMEX to be a free market, there should be a speculative position limit in
COMEX silver of no more than 1500 contracts.
Any hedging exemptions above those limits should go only to legitimate hedgers and definitely not to
banks, such as JP Morgan and company, since it would be impossible for them to deliver the metals. If
the current situation continues, it can only result in a short squeeze of epic proportions with a market
melt-down. I believe that the exemptions granted to these banks have created a massive fraud that
needs to be corrected as soon as possible.
Sincerely,
Kenneth Schmitt
[email protected]
103 Johnson Road, Kula, HI 96790
