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. I would ask you, however, to readjust the proposed formula in silver. The current formula would result in a position limit of over 5,000 contracts for any single speculator, on an all-months-combined basis. This is too high of a threshold in light of the realities of the world silver market. The purpose of speculative position limits is to prevent excessive accumulation by a single party, and 25 million ounces seems to be excessive.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Respectfully submitted,
John Tucker
