Comment Text:
10-005
COIMMENT
CL-02126
From:
Sent:
To:
Subject:
Phillip Swanepoel (Randfontein Office Park)
Thursday, April 8, 2010 2:42 AM
Metals Heating
Dear Sir;
Thank you for the opportunity to comment on the issue of position limits for precious metals.
Please establish a speculative position limit in COMEXgold. Please restrict any hedging exemptions
from those limits to legitimate hedgers. Please stop the levels of concentration in COMEX gold
futures that have been experienced over the past few years on the short side of the market.
The non existence of these limits allows the price of gold to be managed down by certain
institutions to their financial benefit. What no one seems to care about is that these managed
prices cause endless hardship in developing nations where gold production is a large part of the
economy.
In South Africa we have lost thousands of jobs due to a drop in recoverable grades at our
operations, which have made them uneconomical. This was exacerbated by a gold price that did
not keep up with inflation in costs.
I appeal to you to establish these limits to ensure a free gold market where all investors benefit.
Sincerely,
Phillip Swanepoel
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