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Comment for Sunshine Act Sunshine Act Meeting: March 25, 2010

  • From: David Cowley
    Organization(s):

    Comment No: 22647
    Date: 4/7/2010

    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