Comment for Proposed Rule 76 FR 4752
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From:
Michael McNelly
Organization(s):
none
Comment No:
29877
Date:
2/25/2011
Comment Text:
Please institute a 1500 contract (7.5 million ounce) position limit for silver. 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. 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.
Thank You,
Mike
