Comment Text:
10-005
COMMENT
CL-02448
From:
Sent:
To:
Subject:
Steve Loy
Friday, April 2, 2010 10:37 AM
Metals Hearing
Metals Position Limits
Dear Commissioners:
I have been involved in the silver commodities market for several years. I
have followed the writings of Ted Butler and I have written the CFTC before.
I am an individual investor, small trader and I have an account with ADM
Investors. It is pretty obvious to me as an unsophisticated investor that
the silver market is manipulated. Anytime the big banks want a move lower
they just add to the short positions and they are constantly moving them
forward into the future. They will eventually fail to deliver silver with
catastrophic consequences for the CME and the CFTC. My idea to make it fair
would be:
1. Require all metals derivative contracts to be listed, like on
ICE, etc.
2. Require slightly higher margin deposits.
3. Allow for EFP trading, exchange for physicals
4. Have transparent trading, do not allow individuals to hide behind
one trader like JP MORGAN.
5. Either limit the number of short and long contracts for an
individual trader to 10% of the gross market contracts, not netted, or
require physical deposit of the metal at a registered CME depository of at
least 25% of the short positions of contracts not offset by long contracts.
Please do not wait for a disaster, act with reason and protect the public.
Thanks Steve Loy
This email was sent from home or REMOTE location--
Steve
Loy
361-533-4081
