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 encourage you to rethink the proposed limits in silver. The current formula results in a 5.000 contracts position limit for any single speculator, which is equivalent of 25 million ounces of silver and to high.
The purpose of speculative position limits is to prevent manipulation and 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 can lead to manipulation of the silver market.
Please consider a 1,000 to 1,500 contract position limit for silver to prevent future abuses to occur in the silver market.
Sincerely,
Gregory Hidden
