Comment Text:
10-005
COMMENT
CL-02562
March 31, 2010
Commodity Futures Trading Commission
Enforcement Staff
Three Lafayette Center
1155 21
st
Street NW
Washington, D.C. 20581
You are overseeing a giant ongoing fraud in the metals markets.
Consider that Bear Stems was driven into bankruptcy by the rise of
silver prices to $20 an ounce, and that JP Morgan immediately
drove the price down below $9 an ounce using cash from the
Federal Reserve. You really don't need to know more than that.
Manipulation is in progress; we are not looking ata real market,
but a credit money controlled "pretend" market: ' '
Jeff Christian of CPM Group testified at your March 27
t~
CFTC
meeting that COMEX allows 100 to one leverage in silver. In other
words each one ounce of COMEX silver is being hedged short at
this time by 100 ounces of paper silver. This naked shorting is no
longer a secret; the Asians and other rich individuals now know
how to break COMEX and make a George Soros' type fortune in
the process. Do nothing and they will come.
Step back for one second. President Teddy Roosevelt bought 6
billion ounces of silver for the USA. We had most-of it going into
WWII and used all of it up since. Where did it go? Electricity and
its applications destroy it. If China and India are to build a dozen
more cities the size of NYC, there will be noway with the world's
existing stockpiles of silver. The Interior Department's official
estimate of the remaining life of silver mines in the WORLD is less10-005
COMMENT
CL-02562
than nine years.
Do you see a crisis coming? The Department of Defense has no
stockpile of silver; they rely on paper silver, believing they can
always buy with cash what they need. They are trusting the
Enforcement Staff of the CFTC.
,
Artificially suppressing the price of silver, while having no US
stockpile to rely upon, is a great national security threat. Do you
have children or grandchildren? Do you want them to have
airplanes and nuclear subs and Tomahawk missiles to defend
themselves? The DOD went through a lot of those 6 billion ounces
and now say they need 7.2 million ounces of silver a year. Even
that amount may be difficult to find if we continue to allow the
COMEX to "owe" the world 99 ounces of silver for each one
ounce they have in US vaults.
Health care, Social Security, pot holes in streets, retirement
accounts .... these are matters that printed money can buy one way
or another. Physical silver is not like that; either you have it or you
don't. The Indians and Chinese know they need billions of ounces
in the next decade and are aggressively buying silver mines and
stockpiling. The USA, guided by CFTC, is deliberately sending
silver out of the country at the lowest prices that JP Morgan can
manipulate.
Do something to protect our future. The hell with JP Morgan
profits. Aren't you people from Goldman Sachs anyway?
Sincerely,
Michael Montross, E O. Box 31, Winterset, Iowa 5027310-005
COMMENT
CL-02562
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