Comment Text:
10-005
COMMENT
CL-02839
O. ::.'L O.
Tom DeVries
710 W. Main St,
Middleville, MI 49333
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21
st
St. NW
Washington DC 20581
Dear Sir,
I followed with interest the hearing that you held last week regarding possible manipulation in
the metals markets. I am encouraged that you are looldng into this as I have long heard rumors
that there is significant manipulation in these markets. I hope that you can get to the bottom of
these rumors, especially the report about the London gold trader Anch'ew Maguire giving specific
information about how the markets are being manipulated.
i additionally I am concerned about reports that various parties axe selling "naked" huge amounts
of gold and silver. Wtfile it is true that most contracts never get settled via delivery, selling huge
amounts of these commodities "naked" is very dangerous to an orderly market. I remember well
what happened in 1979 - 1980 with the Hunt brothers and the chaos that ensued. If the rumors
that I am presently hearing are anywhere close to being true, the situation now could very well be
much worse if the "dominoes start to fall", i trust that you will look into this matter and regulate
the markets so that things are done in a transparent and orderly way. It seems to be that we have
already had enough financial scandals and crises this past decade.
Sincerely,
Tom DeVries
