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Comment for Sunshine Act Sunshine Act Meeting: March 25, 2010

  • From: Levi Hurley
    Organization(s):

    Comment No: 21874
    Date: 4/9/2010

    Comment Text:

    10-005
    COMMENT
    CL-01575
    From:
    Sent:
    To:
    Subject:
    Levi
    Friday, April 9, 2010 12:37 PM
    Metals Heating
    Metals heating.
    Dear Sir;
    I want to thank you for the opportunity to comment on the issue of position limits for precious
    metals. I have a great deal of our savings invested in precious metals, and I'm accumulating more
    as time goes by as I don't see a good future for the currencies of the GS, especially the US$. I
    believe the CFTC should establish a speculative position limit in COMEX silver of no more than 2000
    contracts, with similar actions in regards to gold. The
    concentration in COMEX silver futures that
    have been quite apparent on the short side of the market should not be allowed going forward, and
    severe penalties should be instituted if they become apparent. Hedging exemptions from those
    limits should be clearly restricted to legitimate hedgers, and the exemptions should be very small
    in nature and closely monitored for infractions. I realize the difficulties involved in making these
    changes, but it is the job of the CFTC to ensure a level playing field in the commodities markets. At
    this time, that is not the case in the metals markets.
    Sincerely,
    Levi Hurley