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

  • From: Myles Saunders
    Organization(s):

    Comment No: 21917
    Date: 4/9/2010

    Comment Text:

    10-005
    COMMENT
    CL-01618
    From:
    Sent:
    To:
    Subject:
    M Saunders
    Friday, April 9, 2010 11:53 AM
    Metals Hearing
    Silver Market Comments
    Dear Sir;
    Thank for the opportunity to comment on the issue of position limits for precious metals. Please halt the ongoing
    silver price manipulation and establish a speculative position limit in COMEX silver of no more than 1500
    contracts. I would also request that you restrict any hedging exemptions from those limits to legitimate hedgers.
    The levels of concentration seen in COMEX silver futures on the short side of the market point to an
    ongoing manipulation. This is criminal activity and it needs to be stopped. There is no doubt in my mind that
    when these position limits are put in place and enforced the price of silver will soar thus proving that the price
    discovery mechanism was indeed manipulated. If no manipulation is taking place the position limits will not have
    an effect on the market and at the very least will make "price discovery" more transparent. Thank you for your
    time and consideration.
    Sincerely, Myles Saunders
    Armstrong BC, Canada