Comment Text:
10-005
COMMENT
CL-02234
From:
Sent:
To:
Subject:
edmundlawl
Wednesday, April 7, 2010 5:15 PM
Metals Hearing
RE: CFTC Meeting on Metals
Dear Sir;
Thank for the opportunity to comment on the issue of position limits for precious metals. In order to
aid proper price discovery 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 i.e.
refiners or miners, not banks claiming to operate on behalf of such specialists but who are actually
engaging in proprietory trading. It is in the
strategic national security of the
USA to 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.
It is vital for the USA
to increase its reserves of physical
silver bullion as silver
and gold bullion are the
ultimate weapons with which to fight currency wars and the risk of such wars can not be
discounted.
The USA
has the gold but no
silver unlike China and India which have plenty of silver.
Silver is also needed by all modern devices and weapons to work yet the USA has no strategic stockpile
of this vital resource/weapon.
Regards, Edmund Law
Sincerely,
