Comment Text:
10-005
COMMENT
CL-02131
From:
Sent:
To:
Subject:
James M. Ray
Thursday,
April 8, 2010 2:17 AM
Metals Hearing
precious metal price shenanigans must end.
Dear CFTC,
Thanks for letting me comment. I think the USA is very
lucky to have patriots like Bill Murphy of GATA working
to reverse what looks more & more like fraud. Calling
GATA names has not worked as a debate technique
against them, and now even the news media is being
forced to take them seriously. This is a GOOD thing,
even if it makes the criminals whine.
The precious metals business needs to be a bit opaque
for security, but what has evolved is secret beyond any
legitimate need for secrecy. Now that information is
coming out anyway, markets are legitimately worried if
the metal is even there, especially considering rumors
(and pics at: http://www.bullionanalysis.com/of a fake
silver bar, and the same URL has a youtube video of a
fake gold bar). I believe these worries may be justified.
The truth is, the CFTC's reaction to Andrew McGuire is
much like the SEC's reaction to Harry Markopolos. I am
glad he got angry enough at you to leak to GATA. That
should be a lesson to the CFTC, and I hope it will be. I
am still amazed that Ted Butler didn't testify, because I
don't think what he did with OJ or copper was wrong. If
not for him, I don't think that hearing would happen.
I will know it was if your agency quits allowing HSBC &
JP Morgan Chase to manipulate silver prices via naked
paper shorts they can't ever cover with real metal. You
may think gold is "useless," but silver is an important
industrial metal with a myriad of uses. Distorting this
price for a decade with a position whose concentration
dwarfs the Hunt Brothers' concentration is morally &
fiscally wrong. As with Madoff, the truth will eventually
catch up to any regulatory agency, whether the CFTC
follows the SEC's "lead" or not. Please don't. Please
ACTUALLY lead, instead. We need position limits &
they need to be enforced. No more than 1500 contracts
should be allowed, and exemptions should NOT go to
manipulative banks, even if they're acting on behalf of
central bankers who wish to hide/delay inflation.
JMR10-005
COMMENT
CL-02131
"The budget should be balanced, the treasury should be refilled,
public debt should be reduced, the arrogance of officialdom
should be tempered and controlled, and the assistance to foreign
lands should be curtailed lest Rome become bankrupt." Cicero,
circa 63 B.C.
Regards, James M. Ray
