Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I urge you to approve the staff’s proposal on position limits, including limiting exemptions to bona fide hedgers.
However, please consider readjusting the proposed formula in silver so that it reflects the realty of the world silver market.
The current proposal would limiting 5,000 contracts for any single speculator, on an all-months-combined basis (25 million ounces) is too high, given the realty of mining producers and industrial consumers.
To allow speculation of this size puts too much power in the hands of the few.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Respectfully,
Dr. Jeffrey Lewis
