Comment Text:
10-005
COMMENT
CL-02634
April 20, 2010
Don E. Denison
19 Rosebay Ln.
Greensboro, NC 27455
Secretary
Commodity Futures Trading Commission
3 Lafayette Center
1155 21~t St. NW
Washington, DC 20581
Re£ March 25, 2010 Meeting on Futures and Options Trading in the Metals Market
Dear Mr. Secretary,
After reading many of the transcripts from your meeting on the precious metals market, March
25, 20101 would llke to add my comments as an older, average, part-time investor in different
public markets. I am not a professional investor, simply investing fi'om time to time in the
hopes of obtaining a better retirement.
In my experiences I've never seen anything like the silver market. Every few months there is
a violent downturn, always when the US markets are open and as I've come to learn, always
when a few institutions reach a significantly, albeit unbelievably, large short position in the
silver market. The crashes are just hard for the average person to understand or justify. There
seems to be no economic reason for the drastic drops in price. The situation is simply rigged
against the average investor.
We need reasonable limits on short positions in silver. I've read discussions on limiting the
short positions to 1500 contracts and that seems reasonable. We need meat behind these limits
so the large institutions can't work around the roles and short the market just for financial
gains. All we ask is a fair playing field.
The CFTC's mission is "Ensuring the integrity of the futures & options markets". I don't see
much integrity in the silver market. The big guys are making a killing at the expense of
individual taxpayers. The average person doesn't have to look farther than the morning paper
to see the taxpayer funds given to the big banks last year and obscene profits from "trading"
these same groups are listing this quarter. We, the average American taxpayer, need your
help.
