Comment Text:
10-005
COMMENT
CL-02396
From:
Sent:
To:
Subject:
secretary
Wednesday, April 7, 2010 11:13 AM
Metals Hearing
FW: MANIPULATION
From:
steven spetz [mailto:[email protected]]
Sent: Wednesday, April
07,
2010 10:09 AM
To:
secretary
Subject: MANIPULATION
I was a commodity trader and stock broker when the Hunt Brothers became engrossed in the
silver market. It was a confusing time. We didn't know minute to minute what to expect and
warned our clients to get out of the silver market.
Markets should not be so confusing and dangerous that people have to be told to stay away.
They should assume someone is minding the store.
Presently, a similar situation exists although much bigger. It would be foolhardy to have any
involvement in a market that is blatantly dishonest. Why would anyone do so unless he is the
dishonest person.
! had clients who hedged. They had legitimate business reasons to be in the market. ! also
had clients who speculated. They knew the risk.
! did not have clients who tried to rig the system. They weren't big enough of course, but it
never occurred to them that anyone would do that.
The silver manipulation is scandalous and must end.
Steven Spetz
Kingston Ontario Canada
