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Comment for Proposed Rule 76 FR 7976

  • From: Curtis L. Caughey
    private individual

    Comment No: 30537
    Date: 2/28/2011

    Comment Text:

    Dear Chairman Gensler and CFTC Commissioners,

    As an investor in silver, I find it most inappropriate to set total position limits of 5000 contracts in COMEX Silver. This amount, 25 million ounces, represents a huge portion of annual world silver production, and is larger than 99% of any of the mine producers, and larger than 99% of any consumer in the global market. This is unlike any other commodity market. It is an amount that allows the market to be manipulated.

    A much more reasonable position limit would be 1500 contracts in COMEX Silver. The
    goal of the new regulatory reform is to achieve true regulatory oversight, promote free market price discovery, and avoid prices to be manipulated. Do your job and immediately implement a meaningful position limit in COMEX Silver of 1500 contracts.

    Curtis L. Caughey

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