Comment Text:
10-005
COMMENT
CL-01736
From:
Sent:
To:
Subject:
[email protected]
Friday, April 9, 2010 9:44 AM
Metals Hearing
Public Comment
Have been following both the energy and metals hearings this year and
felt compelled to write. As a professional who has profound respect and
admiration for my industry and most of my peers, I am appalled by, once
again, what appears to be shameful activity by some. I am speaking about
testimony regarding the silver market well as information which has come
fo~vard since. The admission by one of those testifying that, indeed,
the amount of "PAPER SILVER" significantly exceeds the amount of actual
silver is most disconcerting and should, by itself, suggest further
inquiry is needed. The recent disclosure by a J P Morgan trader of
alleged market manipulation just adds fuel to the fire. I am not in the
camp that says these things are true- that there is not enough silver
that backs all the trades, that silver could experience a delivery
problem, or that Morgan and other banks conspire to influence the
market. However, there appears enough smoke to suggest further
investigationis necessary to separate fact from fiction.
The mission of the CFTC "is to protect market users and the public from
fraud, manipulation, and abusive practices related to the sale of
commodity futures and options and to foster open, competitive and
financially sound commodity futures and options markets". I would
implore you to continue to look into the allegations being made and the
activity being conducted in the metals markets consistent with your
mission. While I do not lokk for~vard to MY industry having another black
eye, I am also not in favor of unethical individuals participating in
unsavory practices continuing to work unchallenged and with no regard
for written guidelines and unwritten principles.
Not sure of the proper course of action or that position limits is the
answer. I commend the Commission for its efforts, for you knew in
advance the attention and controversy this would create. I implore you
to continue your work and vigorously investigate the allegations
surrounding the metals markets, specifically those related to silver.
While I appreciate the argument that position limits in the US would
merely drive business to forgeign markets, nowhere in your mission does
it discuss market share or growing the business. And if the activity we
are exporting to other markets is not consistent with your mission, so
be it.
Thank you again for your efforts in this area and this forum to respond.10-005
COMMENT
CL-01736
Timothy J. Trott,CFP
Vice President- Investments
Advisory & Brokerage Services
UBS Financial Services, Inc.
100 State Street, Suite 460
Erie, Pa. 16507
Tel. 814-461-7006
Fax 814-453-7522
Toll Free 800-356-4074 EXT 7006
timothy.trott @ubs. corn
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