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. However, the current formula would result in a position limit of over 5,000 contracts for any single speculator. This is much to high. On an all-months-combined basis is the equivalent of 25 million ounces of silver.
There are only three mining companies in the world who produce more than 25 million ounces of silver per year and only a similar number of industrial consumers using more than that amount. 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. The purpose of speculative position limits is to prevent such a circumstance.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Please show us that you have the courage to do the right thing.
The people need to know that our regulatory agencies are working for the people. Working for the average man and woman in the street. A 1500 contract position limit will show us that you are working for the people and not the Wall Street Investment Banks and special interest groups.
Once again, I urge you to have courage and do the right thing for the men and women of this country who once again want to have some faith and pride in our government.
Respectfully submitted,
Dr. Herbert Rebhan
