Comment Text:
10-005
COMMENT
CL-02716
April 15, 2010
Mr. Gary Gensler, Chairman
Commodity Futures Trading Commission
3~Lafayette Centre
1155 21st Street, N.W.
Washington, D.C. 20581
Dear Mr. Gensler:
Thank you for giving me the opportunity to comment on the issue of position
limits for precious metals traded on the COMEX futures exchange.
I request that the CFTC establish a speculative position limit in COMEX silver
of no more than 1,500 contracts. Also, please restrict any hedging exemptions from
those limits only to legitimate hedgers.
I also ask the Commission to put a stop to the extremely high levels of con-
centration on the short side of the COMEX silver futures market that have been
prevalent over the past several years. These past and present high levels of short
contracts have been illegally manipulating and controlling silver prices on the
COMEX for many years. It is my understanding that two to four large banks are pri-
marily responsible for the exceedingly high proportion of short silver.~Contracts on
the COMEX. I am requesting that the CFTC put a halt to this egregious and illegal
behavior by an extremely small number of colluded commodity manipulators.
Thank you again for allowing me to submit my comments to the CFTC.
Sincerely,
John A. Schaible, III
264 Riverbay Drive
Moneta, VA 24121
