Comment Text:
10-005
COMMENT
CL-02805
April 9, 2010
James E. Arden, P.E.
2340 Ives Avenue
Reno, NV 89503
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21
st
Street NW
Washington, DC 20581
Subject: Comment for CFTC Hearing on Precious Metals Trading at COMEX
Dear Sir and Honorable Commissioners,
From observation in almost 40 years as a professional engineer, big money has run
amok trading precious metals to the obvious disadvantage of the precious metals
miners in Nevada, legitimate hedgers, the U. S. mining industry and third world
producers, who've had little or no real chance of true price discovery. Such confusing
markets have personally harmed me as well as many others - from consulting
engineers to the smallest traders through the largest miners.
Thank you all for the opportunity to comment on the issue of position limits for
precious metals, Please establish speculative position limits in COMEX gold and silver
at no more than 1500 contracts, or reasonably close thereto as you, after thorough
consideration, judge appropriate.
Please restrict any hedging exemptions from those limits to legitimate hedgers.
Please stop the levels of concentration in COMEX gold and silver futures that have
been experienced over the past few years on the short side of the market.
Sincerely,
Arden, P.E.
