Comment Text:
10-005
COMMENT
CL-02465
From:
Sent:
To:
Subject:
Will Burkhart
Thursday, April 1, 2010 8:08 PM
Metals Hearing
Metals Position Limits
Dear CFTC Commissioners:
I applaud your recent efforts to hold hearings on metals position limits. I think that this topic is long
overdue for your redress and I am encouraged by your willingness to hold public hearings on this critical
issue.
It is my understanding that the mission of the CFTC according to it's plaque is:
"... to protect market users and the public from fraud, manipulation, and abusive practices related to the
sale of commodity futures and options, and to foster open, competitive, and financially sound
commodity futures and options markets."
Now I will be the first to admit that I am not overly intelligent, but even someone as dull as me can
clearly see that when the open interest in silver futures contracts exceeds 800 million oz., and when the
silver on deposit for delivery is a mere 50 million oz., that something is not quite right. If my math is
correct, that is only a 6.25% backing, which seems alarmingly low.
Moreover, when only 4 or less bullion banks hold the lions share of the naked short position in silver,
then it seems to me to be quite obvious that a manipulation is underway.
So perhaps the CFTC should hire less lawyers who clearly have their heads up their backsides and find
some folks who not only have some common sense, but the backbone to put a stop to the manipulation
that is going on right under their noses-- NOW! If this cannot be done, then the CFTC will go down as
iust another ineffectual regulatory agency that yet again wastes the taxpayers' money.
Given the willingness of the current leadership of the CFTC to hold hearings, albeit slowly, I remain
confident that steps will be taken to mitigate this fraudulent manipulation before it grows any worse. I
just hope that my confidence is not misplaced.
Will Burkhart
