Comment Text:
10-005
COMMENT
CL-02600
April 16, 2010
Commodity Futures Trading Commission
Three Lafayette Center
1155 21
st
Street NW
Washington DC 20581
Sirs:
You recently held hearings on Comex market manipulation, specifically silver.
On Friday April 16, 2010, Comex metals plunged: gold $30/oz and silver $.75/oz in a
matter of minutes. Either there was a massive influx of physical metal onto the market or
"someone" was engineering a price collapse. It is well known that "someone" to be
JPMorgan Chase. Yet you feel that releasing the names of concentrated short sellers a
violation of privacy, but not for using the letter of the law to protect fraud.
As a silver (and gold) investor, I have standing on this matter. Naked shorting of metals
contracts in a blatant attempt to control the price constitutes fraud, price fixing,
conspiracy, and market manipulation even if to the downside. Naturally these types of
actions are seen as fraud only when someone tries to manipulate the price up.
At the very heart of the matter is JPMorgan Chase. I really don't think they could end the
market manipulation even if they wanted to. All trades are executed by computer 24/7 all
over the world. The entire system is on autopilot using so called Black Box trading.
This is exactly what brought down Long Term Capital management (LTCM). If everyone
is looking at their computer screens that all flash green or red at the same time, only
"someone" on the other side of the transaction can make the system move one way or the
other.
"Don't mind the man behind the curtain" he's just a computer program anyway.
Respectfully yours,
CR Loy
Long Beach, CA
