Comment Text:
10-005
COMMENT
CL-02156
From:
Sent:
To:
Subject:
Jason Davenport
Wednesday, April 7, 2010 11:34 PM
Metals Hearing
position limits on silver
Dear Sir,
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.
I am a private investor in the silver market for many years, and have been
just
waiting for the CFTC to be given
enough evidence to stop this crime in the silver and gold markets respectively. I listened intently to the hearing
held on the 25
th
of March and was completely dismayed that with the whistleblower evidence that had been
provided to the CFTC had been seemingly ignored. Also I found that the 1\100 ratio of paper to physical silver
absolutely disgraceful.
If this is not enough evidence to show fraudulent activity within this market then I don't know what is. Even the
manipulators have self confessed that the metals market is a paper market. If position limits are not imposed
than the exposure will gain momentum till breaking point. I believe the CFTC was founded to be the prevention
of such activities in which now the CFTC has clear evidence to do so..
I hope you find the strength to act accordingly and stop this crime.
Regards
Jason
Jason Davenport
Branch Manager
Unified Communication Delivery
Network Enterprise Services / Telstra Networks & Services
Level 4, 490 Northbourne Avenue,
Dickson, ACT, 2602
Ph: 02 6263 5108
Mob: 0428 569 774
Fax: 02 6263 5101
Email : Jason.Daven [email protected]
Website: www.telstra.com
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