Comment Text:
10-005
COMMENT
CL-02594
Dear Mr. Gensler and CFTC committee:
¢.F.T,O,
OFFiOE OF Tt~tE ,SEORETARIAT
I am distressed by the apparent long-time manipulation of the gold and silver markets through
large short positions taken by American financial institutions. Unfortunately, I am no longer
surprised by any such devious controls that "outside" institutions effect on our markets.
I am hoping that the recent testimony by Bill Murphy and Andrew Maguire during your CFTC
hearings in March of this year will spur you and your fellow CFTC members to take action to
end this harmful manipulation of the metals markets for the benefit of the few at the expense
of many innocent investors. We depend on you to protect the honest and neutral response of
metals prices to the vicissitudes of the "free" markets. Perhaps all of the markets are
manipulated to the detriment of most of us. Progress toward truly free markets is now only a
dream, but your effective action would be a hopeful first step.
I befieve, as Ted Butler suggests, that JPMorgan and other banks should be required to
dissolve their concentrated short positions, which drive down the price of silver and gold in
order to support the dollar, and, I suspect, for other purposes. The obvious one of gains for
the short participants at the expense of the longs springs to mind. Perhaps a 1500 contract
position limit in COMEX silver, for example, would do the trick. No hedge exemptions that
allow big traders to evade position limits should be allowed. Perhaps these simple actions
would end the manipulation, as Ted Butler posits.
Only because you have a stellar reputation for honesty and a commitment to the consumer
do I write this letter to you. I will watch the progress of the CFTC in this matter with great
interest.
Sincerely,
A concerned citizen
