Comment Text:
10-005
COMMENT
CL-02348
From:
Sent:
To:
Subject:
secretary
Wednesday, April 7, 2010 12:25 PM
Metals Hearing
FW: Public Comment: Position Limits for Precious Metals
From:
Dave Cowley [mailto:[email protected]]
Sent: Wednesday, April 07, 2010 11:47 AM
To:
secretary
Subject:
Public Comment: Position Limits for Precious Metals
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.
Failure to act now could result in
de facto
delivery defaults due to lack of physical metal and a
disorderly breakdown of COMEX exchange function, undermining fiat currencies and global
econom ic recovery.
Sincerely,
David Cowley
