Comment Text:
To whom it may concern at the CFTC:
The manipulation in the gold and silver markets is oftentimes unbelievable. In the precious metals markets, we often call it the 9 o'clock thumping (New York Time)! That is typically about the time the precious metals market gets literally hammered (it is usually gold and silver). And usually, but not always, around options expiration week.
I challenge you to try to find any manipulation during the other times that precious metals trade around the globe. Sure, there are market swings, but the radical price gyrations just aren't there elsewhere (except London). When the market is being manipulated, it usually comes as a 1-2-3 punch, staggered oftentimes by about 30 minutes, just like today, December 7, 2010. And this isn't just individual traders taking profits!
We are on the brink of another financial crisis that will pull us down into the abyss for good. All it takes is a few good men (and women) in key positions, such as yours, to actually do what is right and reverse this trend. But you can't take forever. Time is of the essence!
With what was seen today in the precious metals market, it appears as if the top 4 bullion banks will trash this market in the days to come. I would be willing to bet that the silver price will crash another $4-7 before the bullion banks relent. Today alone was a $2 drop!
Just watch...we are. And we will soon know which side you are on! Who do you serve? At the end of the day, the week, your life...can you say, "I did the right thing." I hope so.
Ken Fenton
