Comment Text:
10-005
COMMENT
CL-02775
April 9, 2010
John B. Daggett
7052 Corintia Street
Carlsbad, California 92009
jbd aCl.clett@va hoo. com
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street NW
Washington, DC 20581
Dear Sir;
Thank for the opportunity to comment on the issue of position limits for precious metals.
I am a
long-time investor in precious metals (gold, silver, platinum, and palladium), both
the physical metals as well as paper trades. I've become increasingly disconcerted in
recent years by the obvious manipulation that is occurring at the hands of a handful of
institutions that absolutely frustrates any semblance of free market pricing of gold and
silver. It is my understanding that one of the
specific tasks of your organization is to
prevent such manipulation.
Please establish a speculative position limit in COMEX silver of no more than 1500
contracts. Please restrict any hedging exemptions from those limits to legitimate
hedgers. Please stop the levels of concentration in COMEX silver futures that have
been experienced over the past few years on the short side of the market. Similar types
of speculative position limits should also apply to COMEX gold, but I consider the
manipulation of silver pricing as the more serious problem for your organization to
address.
Sincerely,
JBD-PersonaI-CFTC-100409
