Comment Text:
10-005
COMMENT
CL-02046
From:
Sent:
To:
Cc:
Subject:
[email protected]
Thursday, April 8, 2010 9:31 AM
Metals Hearing
[email protected]; [email protected]; [email protected]; [email protected]
Position limits for precious metals
Dear Sir/Madam
Thank for the opportunity to comment on the issue of position limits for precious metals. 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.
Additionally, will the CFTC consider "tagging" high frequency traders, especiallythe largest position
holders who are always predominantly on the short side of the majority of their trades?
The CFTC should move ahead toward market transparency.
Nothing prevents the CFTC from asking Congress to change the law to allow identification of big
traders for the sake of the transparency President Obama has said he wants to bring to the
markets. Of course nothing also prevents the CFTC from asking Congress to change the law so that
the connections between the Federal Reserve and the Treasury Department, on one hand, and the
biggest player in the gold and silver markets also can be fully revealed. But if everything was
revealed all at once the country might freeze up in shock.
Sincerely,
Anthony Palmieri
