Comment Text:
10-005
COMMENT
CL-02875
P.OI
7 April 2010
360 Williamsburg Dr.
Avon Lake, OH 44012
Secretary of tl~e Commission
Commodity Futures Trading Commissioln
].'l'u-ee Lafayette Centre
1155 21st Skrec~ NW
Washington, DC 20581
FAX 202-418-5521
SUBJECT: Comment on Position Limits for Precious Metal Trading
Dear Sir.s:
Respondi'~g on the Commissions reques~ for public comment
on
th.e issue of
position, limits for precious metals, I offer the following request.
Please establish ~ speculative position limit in C(. klEX silver of no more than 1500
contracts for ~11 delivery morttlas. Further, please restrict may hedging cxemptior~s
from those llmit,~ to legitimate hedgers.
lhe concentration of contracts that has existed in COMEX silver futures over the
past few years on the shor~ side of tlnc market is clearly too l~igh, leading to
rnax~ipulation of market prices. In addition ~o breakir~g existing law, ie will
ultimately lead to a serious market di,~ruption and search for tl~c guilty. Those who
are aware
o[
the problem and
turn
a blind eye will be included.
If such position limits drive some trading to foreign exchanges, I view tJtat as
constructive, as il: moves ri.~k away from our markets. In time, honest traders will
move replace d~at lost volume recognizir~g tt~e game isn't riggc~d against them.
Sincerely,
R. William Gross, Jr.
