Comment Text:
Thank You for accepting comments on position limits. It is my opinion that in order to restore confidence in transparent free markets it is necessary to restrict the number of contracts to a number that will preclude the ability of large players to manipulate price in that market. When it comes to the silver market, "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." Therefore it is imperative that a 1500 contract (7.5 million ounce) position limit for silver be instituted as soon as possible. Thank You
