Comment Text:
Richard L. Kalich
16 North Shore Road
Spofford, NH 03462-3913
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
We manufacture medical devices, specifically medical sensors--a good example is the electrode used for an electrocariogram. Silver is the primary commodity used in the manufacture of these products.
As you might know, historically, silver is an industrial metal used in many products. Because of its unique electrical properties there is no real substitute. For years, demand for this commodity was driven by industrial usage. That's important, because of its widespread use and utility.
A couple of years ago, the financial community and speculators began promoting silver as the "poor man's gold." As a result, silver prices have soared. And, the problem is exacerbated by the requirement to have actual silver to back these contracts. Sound good, but it's disastrous.
If an alien could see what we're doing, they would be amazed. Pay money to extract silver from the earth, refine it, then put it back in a basement and pay to store it.
Stop this nonsense and really help our manufacturers and consumers. To hell with the financiers !
Sincerely,
Richard L. Kalich, Chairman and CEO
603 363-8866
