Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I am very interested in seeing reasonable position limits, including limiting exemptions to legitimate hedgers, approved by the CFTC. However, as an investor in silver derivatives I am aware that staff's proposal of 5,000 contracts for any single speculator on an all-months-combined basis is far too high. The silver market simply isn't large enough to justify such concentrated positions without market distortions being the result. Such a high limit cannot be justified on the basis of the legitimate market needs of silver producers and silver users.
Artificial market distortions are harmful to me as an investor and very unfair to the marketplace in general. I'm glad the CFTC is looking into this matter and I sincerely request that you exercise your authority to insure that the marketplace is market driven and not controlled by large, concentrated speculative interests.
A position limit of 1500 to 2000 contracts for silver would be very sufficient to address the legitimate needs of the silver market producers and users.
Respectfully,
Ged Goff
