Comment Text:
10-005
COMMENT
CL-02485
From:
Sent:
To:
Subject:
jim schol
Wednesday, March 31, 2010 4:51 AM
Metals Hearing
CFTC hearimgs on metals
Sirs (and Ma'ams)
I have, for almost 15 years been a small time gold miner here in Alaska. OnceI began I
started to read and educate myself as to how (and eventually why) the prices of gold and silver
fluctuated as they do. I began to read articles by Ted Butler that would predict like clockwork that
silver prices were about to plummet because of manipulations at theCOMEX. At first Idismissed
his statements as the rants of someone that had lost significant money in silver and was just
angry, however after reading and watching the prices I realized he was exactly right. If his cause
was accurate I'm unsure, but the effects are unmistakable.
I would please request to consider putting some type of effective limits on the shorting of silver
if for no other reason that you have limited the longs. Perhapsa starting point could bea limit on
shorts to only the amount of all silver (or other metals physically on hand in the COMEX at the
beginning of that trading period. It makes sense to me that one could only sell the maximum of
that which is available and no more.
Additionally I would urge you to investigate the conflict of interest in JP Morgan's control of
the silverETF (SLV) as well as being the biggest short controller of theCOMEX. It seems clear (to
me anyway) that their shorting in numbers of ounces larger than what's on hand to be sold on the
COMEX stores has obvious and monstrously adverse actions to the investments they hold for their
clients. Thanks for you time. Jim Schol
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