Comment Text:
Dear CFTC board,
Why bother with setting silver market speculative position limits if you set them so high they will be ineffective?
5000 contracts is much to high. Something on the order of 1000 contracts should be more than adequate for speculation in such a small market.
It is also useless to set position limits if you choose to let hedge exemptions be so easy to get that everyone is exempted. Make sure the exemptions only go to actual producers or consumers of the metal that have a need to hedge their position.
If you are only going to make regulations for a public display of attempting to do something, don't even bother. Do something that will stop the manipulation of the market. Make a regulation that will be effective and have some teeth.
John Burns
