Comment Text:
10-005
COMMENT
CL-02307
From:
Sent:
To:
Subject:
secretary
Wednesday, April 7, 2010 1:27 PM
Metals
Hearing
FW: Position Limits in Precious Metals
..... Original Message .....
From: James Farrell [mailto:[email protected]]
Sent: Wednesday, April 07, 2010 12:37 PM
To: secretary
Subject: Position Limits in Precious Metals
Dear Sir,
In the strongest possible terms I urge you to put in
place sensible position limits for precious metals. The revelations
of Andrew Maquire in documenting JP Morgan's illegal manipulation of
the silver market is shocking. That your office had advanced notice
of Mr. Maguire's accusations since late last year, refused to allow
him to testify at the hearing and the total lack of media coverage of
the incredibly damning allegations is by far the bigger story.
Those of us involved with the precious metals
markets have known, for a long time, about one or two major banks
controlling the PM markets by the use of outsized short contracts on
the COMEX. This is common knowledge and now has been exposed for the
public record.
The world is watching the CFTC. Ample
documentation of short side manipulation, a criminal offense, is on
the public record. The simplest thing to do to prevent this from
occurring in the future is to establish position limits. At this
point, if the CFTC does not impose position limits in the precious
metal markets then, it would be very clear that the CFTC is in fact
complicit in the manipulation. The world is watching.
Sincerely,
Jim Farrell
Honolulu, Hawaii
