-- Posted Tuesday, 18 August 2009 | | Source: GoldSeek.com
Dear Extended Family
I implore you to act. Send this or an email in your own words to Chairman Shapiro of the SEC.
All gold shares are small caps. That is why they have been prey to these destructive elements.
This site is read by 500,000 people.
Please make this small effort for the hard work we do to help you all on a daily basis.
Please remember in the body and in the subject to say, "In support of the above bid short selling rule."
Email your response to: chairmanoffice@sec.gov
Sincerely,
Jim
Dear Chairman Shapiro,
Subject: In support of the "above bid short selling rule."
As a seasoned investor and due to hedge fund organized short raids pounding all bid in sight, markets in general and financial institutions specifically collapsed in March and are still on very precarious grounds, despite help from the "invisible" hand of the Fed. Many smaller stocks have never recovered, despite a solid future ahead of them.
I understand that you are still soliciting commentary on the matter of the Uptick Rule (above bid rule) and short selling. Illegal short selling persists and investors are being unduly punished for the benefit of "rogue traders" and under the pretext of maintaining liquidity supported by academic studies and a large parade of self interested professors.
I have no problem with legitimate short sellers. Naked short selling (the most damaging of all) via Canada and other non-US sites persists, despite the fact it is considered illegal. What do you need to see to reinstate integrity to North American financial markets, and save investors, pensioners and businesses (large and small) that have been the foundation of a thriving America?
The time has come to take action. The frequency trading, front running, quasi-derivatives, insider trading and wanton naked short selling make a mockery of our markets. They make Mr. Madoff look like a Saint. Everyone knows it. Who will be left to trade at the end of this?
Chairman Shapiro, I realize it takes time to get up to speed on the issues confronting your organization. Please hurry, time is not on our side. You and I are getting older and future generations will pay the consequences of our inaction.
Thank you for listening,
Best Regards,
Jim Sinclair
-- Posted Tuesday, 18 August 2009 | Digg This Article
| Source: GoldSeek.com
