Comment for Proposed Rule 76 FR 4752
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From:
Karen Summers
Organization(s):
none
Comment No:
29889
Date:
2/25/2011
Comment Text:
Dear Chairman Gensler and fellow Commissioners
The silver market has been manipulated by a concentrated short position. You can’t have a manipulation without a concentrated position. The only effective way to prevent concentration is by enacting legitimate speculative position limits. 5,000 for silver comes out way too high. It’s too high because it gives speculators too much dominance over real world producers and consumers. 5,000 contracts is the equivalent of 25 million ounces of silver. There are only three mining companies in the world who produce more than 25 million ounces of silver a year. In addition, there are only a handful of silver consumers in the world who consume more than 25 million ounces a year. There are hundreds of important miners and consumers who produce or consume less than 25 million ounces of silver a year. Therefore, it makes no sense to empower any speculator who comes along with the ability to hold, long or short, more than the amounts most of the important world producers and consumers make or use in a year.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Respectfully submitted,
Karen Summers
