Comment for Proposed Rule 76 FR 4752
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Comment No:
36664
Date:
3/28/2011
Comment Text:
Gregory Johnson
7235 SWEETGRASS COURT
CUMMING, GA 30041-1470
March 28, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I'm a sculptor- bronze is now 5.10 a lb., for no good reason. The art foundries where casting is done are going bankrupt- there's a hedge fund broker in England that has 500,000 tons, or a billion pound of copper sitting in a warehouse so he can make a profit- all at our expense. I understand and believe in capitalism- but cornering a precious material just to drive the price up is an abuse of money and position- it does nothing to create jobs, maintain current jobs, or help the citizens balance the costs of household/business expenses. It is not just copper, but a wide variety of materials.
So, YOU ARE IN THE POSITION TO DO SOMETHING GOOD FOR THE WORLD- WON'T YOU TAKE ADVANTAGE OF THIS OPPORTUNITY?
• support the Commission's immediate adoption of spot-month speculative position limits; • urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; • urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; • urge the Commission immediately to adopt a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and • urge the Commission to adopt lower speculative position limits for passive, long-only traders.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.
Sincerely,
Gregory Johnson
7708871562
