Comment Text:
Dear Commission Members,
My appreciation for your efforts in instituting position limits regarding silver. I would respectfully suggest that a 5000 contract limit is far too high. This would involve 25 million ounces of silver and is unnecessary on a production basis and unwarranted on a speculative basis. It would only facilitate price manipulation/suppression.
I would recommend a position limit of 1200 to 1800 as being adequate for all parties and needs.
Respectfully,
Charles E. Morphew
