Comment Text:
10-005
COMMENT
CL-02297
From:
Sent:
To:
Subject:
C. D. Brown
Wednesday, April 7, 2010 2:01 PM
Metals Hearing
Comex Silver Concentration
Dear Commissioners,
For background, Iam an investor. Specifically, I have traded silver on the Comex for 30 years.
Frankly, I never expected the CFTC hearings to consider position limits.
Our current president, upon recommendation from adviser Paul Volcker, has advocated termination
of proprietary trading by banks. Mr. Volckeris no less than the greatest chairman in the history of
the Federal Reserve. Although bank lobbyists have slowed if not derailed that recommendation, it
nevertheless is the position of Mr. Obama and would be a great thing for this country.
Currently, so-called bullion banks can drop 5 or 10 million dollars in silver shorts on the Comex and
move the market downward at will. These banks have no worry of default because Washington will
bail them out with taxpayer money just as we saw in 2007-2008. This creates an uneven playing
field for legitimate hedgers and investors.
Position limits are sorely needed with no exceptions carved out for banks.
Thank you for considering my comments.
C. D. Brown
Florida
The New Busy think 9 to 5 is a cute idea. Combine multiple calendars with Hotmail.
Get busy.
