Comment Text:
Dear Chairman Gensler and all Commissioners:
I urge you to approve the staff’s proposal on position limits, including limiting exemptions to bona fide hedgers.
The proposed limit is still too high and will allow the current large "players" to continue to have undue control over the price of silver. Silver is available in increasingly shorter supply and the limit of 25 million ounces is too high.
There are only three mining companies in the world who produce more than 25 million ounces of silver per year and only a similar number of industrial consumers using more than that amount. Any speculator holding an amount of silver derivatives greater 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.
Respectfully submitted,
Larry Ryan
