Comment for Proposed Rule 76 FR 4752
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From:
Steve Loy
Organization(s):
none
Comment No:
29943
Date:
2/25/2011
Comment Text:
Dear CFTC:
Investors everywhere have been waiting for the free market to return to the CME metals markets. I am sure you are aware that silver short contracts are at higher levels, based upon annual production, than any other commodity. The new proposal does not change much. Only three companies in the world produce 5000 or more silver contracts per year. If you must, then give these three companies a limit of 5,000 contracts and put everyone else on 1500 contracts. We need real reform to prevent the hedge funds and Goldman's from market manipulation. Please limit each user to 1500 contracts. The manipulators will find a way around even this by setting up multiple entities and have each one trade to 1500. At least you will make their accounting more costly. Thanks for your help and keep up the creative thought to stop market manipulation.
