Comment Text:
Dear Chairman Gensler and fellow Commissioners:
Your staff has proposed that position limits be imposed on the number of silver contracts that can be held by traders and hedgers. To prevent market manipulation I support the imposition of position limits, however, I believe the current proposed formula, which would establish a position limit of over 5000 contracts is to high.
I believe the formula should be adjusted to limit positions to 1000 contracts, which would allow the speculator to control 5 million ounces of silver, still a very significant share of the silver market. Holding positions of over 1000 contracts may cause a speculator to have the power to manipulate market prices.
Sincerely submitted,
John K. Givens
