Comment Text:
Dear Chairman Gensler and fellow Commissioners:
Please approve the staff's proposal on position limits, including limiting exemptions to bona fide hedgers.
However, I would ask that the limit on the number of contracts allowable for silver be reduced to 1,500. In the U.S. market there are only a few bona fide users who would need to hedge using that many contracts. It seems that higher limits would only encourage hedging by non-users. In my opinion, hedging by non-users is for speculation only. For a commodity with limited supply, it would make me suspect that hedging more than 1500 contracts would be for purposes other than smoothing out market or mining fluctuations.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Sincerely,
John P. Hantelman
