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

  • From: Robert A Konczal
    Organization(s):

    Comment No: 22794
    Date: 3/30/2010

    Comment Text:

    10-005
    COMMENT
    CL-02495
    From:
    Sent:
    To:
    Subject:
    Attach:
    Robert Konczal
    Tuesday, March 30, 2010 5:59 PM
    Metals Hearing
    metals positions limits
    cftc metals market regulation public comment x.doc
    please note my attached document.
    thank you.
    Robert A. Konczal
    210 Beech Ridge Road
    Scarborough, ME 04074Attn:
    Commodities Futures Trading Commission
    Three Lafayette Center
    1155 21st Street, N.W.,
    Washington, DC, 20581
    Office of the Secretariat
    Regarding: Silver market regulation
    Commissioners:
    As a citizen and private investor, I welcome with great enthusiasm your investigation into the
    excessive short position in silver on the COMEX. It is an unfortunate fact of life that large institutional
    investors always seem to gain the upper hand relative to private investors, who only have your
    regulatory powers to rely on.
    As you examine the relevant issues, I am sure that you will receive mountains of self-serving
    testimony from institutional silver shorts who want to continue to manipulate the market. They have no
    interest other than serving their own purse.
    I ask you, what is a reasonable position of paper silver relative to physical? 100 times as much? A
    thousand? A million? A billion? A trillion? At some point the actual value of the thing itself is not
    reflected.
    The sentiment in the country side is dark. The common belief of the citizenry is that government
    regulators have been asleep at the wheel while big banks have pillaged the markets. I am hoping that
    your work will be a ray of light in this regard.
    If nothing else comes out of this process, perhaps you can at least require transparency regarding
    positions. It is an atrocity that these large institutions can operate under cover of darkness. A greater
    than 5% ownership of a stock requires disclosure, so why can it not be so in the silver market? Nothing
    will ever be harmed by having a little sunlight shined on it.
    Best regards,
    Robert A. Konczal
    210 Beech Ridge Road
    Scarborough, ME 04074