Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I urge you to readjust the proposed formula in silver. The current formula would result in a position limit of over 5,000 contracts for any single speculator or 25 million ounces. Any speculator holding this amount of silver derivatives would be larger than what 99% of the world’s silver producers and consumers make or use in a year would have inordinate pricing power. The purpose of speculative position limits is to prevent such a circumstance.
Please institute a 1500 contract (7.5 million ounce) position limit for silver. this would be large enough to not restrict speculative investment and prevent one enity from have inordinate pricing power.
Respectfully submitted,
Wayne Rhodes
