Comment Text:
10-005
COMMENT
CL-01955
From:
Sent:
To:
Subject:
Charlie Sitzes
Thursday, April 8, 2010 3:38 PM
Metals Hearing
Comments Position Limits
Postal
-
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21
st
Street NW
Washington, DC 20581
Dear Sirs
Thank you for the opportunity to comment on the issue of position limits for silver.
As has been pointed out before, allowing one or two powerful banks to be exempt from rules regarding position
limits allows them to be in the position of manipulating the market.
You can curtail manipulation by establishing a speculative position limit in COMEX silver to no more than 1500
contracts. Hedging exemptions should be allowed only for legitimate hedgers.
Many of us were unaware of the severe staffing shortfalls that the Commission is laboring to overcome.
However, as the testimony at the hearings indicated, there exists a small army of informed, professional
individuals willing to help you understand what is going on. You have the opportunity to reap the
benefit of their experience without hiring staff and at zero cost to our government. More importantly, the
genie has been released and cannot be forced back into its bottle.
Finally, concentration on the short side does nothing for price discovery. Instead it deprives tens of
thousands of small investors like me the opportunity to benefit from investments that no doubt would be
enhanced by enforcement of the law and transparency in the markets.
I wholeheartedly support your brave efforts, in the face of powerful interests, to bring meaningful
change, rather than business as usual.
Thank you for your hard work on these issues.
Charlie Sitzes
Bloomington, IN
