Comment Text:
10-005
COMMENT
CL-02185
From:
Sent:
To:
Subject:
Michael Turino
Wednesday, April 7, 2010 10:09 PM
Metals Hearing
Concentrated shorts in Comex Silver
4/7/10
Dear Sir,
I think it has been clearly demonstrated that the precious metals, and especially silver, have been
manipulated downward over at least several years' time by concentrated shorts in the Comex futures
market led by JP Morgan Chase. Plundering smaller investors for their own profit is clearly an ongoing
crime that must be stopped. Corruption has become endemic in the financial markets at the highest
levels of power. The CFTC was set up to prevent this type of criminal activity. Please take courageous
action.
Even if the criminals are not brought to justice due to their power and influence, the continuation of this
crime hopefully can be stopped by instituting speculative position limits of no more than 1500
contracts. Hedging exemptions must be restricted to legitimate hedgers. Failure to address this problem
is likely to lead to a major short squeeze and a default on the Comex, throwing the financial markets into
even more turmoil than they are already in.
Sincerely,
Michael Turino
