Comment Text:
10-005
COMMENT
CL-02152
From:
Sent:
To:
Subject:
Chris Kniel
Wednesday, April 7, 2010 11:48 PM
Metals Hearing
Re: Restoring integrity to Silver trading on the COMEX
April 7, 2010
metalshea ring @cftc.gov
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21
st
Street NW
Washington, DC 20581
Re: Restoring integrity to Silver trading on the COMEX
Dear Sir,
I followed the recent gold and silver CFTC "position limit" hearings and it is
obvious there are serious problems with lack of enforcement by the CFTC
to prevent manipulation. In short it is clear SILVER POSITIONS ARE BEING
MANIPULATED on the short side.
To begin to correct these violations, please establish a speculative position
limit in COMMEX SILVER of no more than 1,500 contracts for any single
party or affiliated group of parties. Please restrict any hedging exemptions
from those limits to legitimate hedgers. 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.
Unless this is done now, in the future, it is unlikely the COMEX will be
perceived as a legitimate trading center by THE WORLD FINANCIAL
COMMUNITY. It will disappear as an entity.
Sincerely,
Christopher Kniel
88 Bates Blvd.
Orinda CA 94563
