Comment Text:
Chairman Gensler and Commissioners,
I urge you to approve the staff's proposal on position limits with the following exceptions:
Limit any exemptions to bona fide hedgers that are in the business of producing or marketing physical silver
Limit the maximum contracts to 1500 contracts with a maximum of 7,500,000 ounces
I am a small investor and own some physical silver and some silver mining stocks. I believe that the current situation has allowed some large investors without any ties to the production or marketing of silver to manipulate the silver market on the short side for many years. I have been appalled that this has gone on so long to the detriment of mining companies, mining company employees, small and large investors in silver mining companies and investors in physical silver. We have seen how the abuse of derivatives can cause major problems in a segment of investments and I would hope that this matter would be resolved quickly and in a manner that would not allow small investors like myself to continue to suffer from large corporations that continue to manipulate the silver market. There are several lawsuits pending in the courts now and the facts of the situation will come to light. I would also hope that the investigation that is in it's third year would be resolved quickly and fairly. I do not have the resources to pursue this matter in court, but I will ask my senators and representative to start a congressional investigation into this matter if it continues.
Respectifully submitted.
William W. Moorhouse Jr.
