Comment Text:
10-005
COMMENT
CL-02681
April 12, 2010
Gary Gensler, Chairman
Bart Chilton, Commissioner
Michael Dunn, Commissioner
Jill Sommers, Commissioner
Scott O'Malia, Commissioner
O.F,T.O,
OFFIOE OF T/~E SEORETARIAT
U.S. Commodity Futures Trading Commission
3 Lafayette Centre
1155 21
st
St, NW
Washington, DC 20581
Dear Commissioners:
Thank you for your leadership in regards to transparency and fairness in the precious metals markets.
The CFTC meeting was historic and a step in the right direction...the time to act is now.
As an investor in ISHARES Silver Trust ETF
(SLV),
I'm deeply troubled by JP Morgan's alleged involvement
in the silver market. I understand that JP Morgan has a large concentration of silver short positions on
the COMEX. As JP Morgan .is the custodian of SLV, I believe that this presents a significant conflict of
interest. JP Morgan has a vested interest in lower silver prices, while they are supposedly watching over
my investment. Has JP Morgan's short position been adequately disclosed to SLV investors? Seems to
me that the recent change in the
Bank Participation Report,
in which the identities of the "four largest
traders" in silver are not disclosed, is the opposite. This is a major omission which does not look
accidental.
I'm also concerned that JP Morgan is speculating for their own benefit with the backing of the FDIC and
taxpayer dollars. I would love to have the US Government and taxpayer backstop my investments. I
don't believe that JP Morgan has customers that are mostly short silver. No more taxpayer bailouts for
excessive bank risk taking...this needs to stop!!
PLEASE reduce the position limits in silver to 1500 contracts, and restrict hedging exemptions to
legitimate hedgers,
Failure to act will discredit the CFTC, as it will appear that gold and silver price suppression is
sanctioned by the US Governmentl
Sincerely,
Chris Duffek
385 Borica Drive
Danville, CA
