Comment Text:
10-005
COMMENT
CL-01907
From:
Sent:
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Cc:
Subject:
Charlie Williams
Thursday, April 8, 2010 10:31 PM
Metals Heating
Chilton, Bart ; OIGEmail
metals position limits
Commissioners,
Thank you for the attention you have shown so far to the issue of hard
position limits in the precious metals markets. The Commission should
vote to impose and enforce a limit of 1500 contracts on both the long
AND SHORT SIDES, and remove exemptions for all but bona fide
commercial hedgers.
As with the energy markets, the importance of these commodities in the
greater economy makes it imperative that they never be subject to
manipulation by financial speculators. Strict enforcement of hard
position limits will ensure that these vital commodities are allowed
to undergo a realistic price discovery based upon supply/demand
factors realized freely in the marketplace.
All signs now point to significant tightness in physical metal supply;
this means time is short. Please act soon to avoid a catastrophe
in
the precious metals markets. The global financial system is
vulnerable right now, and withstanding a commodity exchange default is
no longer a sure thing. America sorely needs to reestablish trust
in
its regulators and markets...showing leadership on this issue will
help things greatly. Thank you again for your consideration of this
important issue.
Respectfully,
Charlie Williams
