Comment Text:
Chairman Gensler and CFTC Commissioners,
Free markets are a staple of the American economic system and the means by which free people prosper. A market is only free, however, if it is fair, honest, and open. The CFTC mission to regulate U.S. commodity and futures markets is intended to, "...assure the economic utility of the futures market by encouraging their competitiveness and efficiency, protecting market participants against fraud, manipulation, and abusive trading practices..." The silver futures market, regulated by the CFTC, is a market that has and can continue to be manipulated by organizations assuming positions out of proportion to the market. Government fails and the free market fails unless controls are established and maintained to ensure fair, honest, and open trading. Therefore I urge you to institute position limits on the order of 1,500 contracts (7.5 million troy ounces) for silver. The proposed formula of 5,000 contracts (25 million troy ounces) is excessive given the size of the silver market. Allowing "market mover" dominance inhibits the free market functioning of supply and demand and irreparably harms the performance of the silver market.
Very Respectfully,
Scott F. Paradis
