Comment for Proposed Rule 76 FR 4752
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From:
Raymond j McGowan
Organization(s):
Comment No:
29529
Date:
2/25/2011
Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I urge you to approve the staff’s proposal on position limits, including limiting exemptions to bona fide hedgers. I would ask you, however, 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, on an all-months-combined basis. 5,000 contracts is the equivalent of 25 million ounces of silver. This is too high of a threshold in light of the realities of the world silver market.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Very truly yours,
R. James McGowan
Attorney at Law
3865 Yellow Creek W.
Akron, Ohio 44333
