Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I ask that you reevaluate your proposed position limits for silver contracts. As you are aware, a 5,000 contract position limit corresponds to the equivalent of 25 million ounces of silver. This appears to be quite a large holding given the rather small yearly production of silver worldwide. How do you justify your proposed derivitave limit in silver given that this amount is greater than the yearly production of the vast majority of silver mines? Any speculator holding an amount of silver derivatives greater than what 99% of the world’s silver producers and consumers make or use in a year would have inordinate pricing power. Isn't this what you are trying to avoid?
Respectfully,
Nader Shakibai
