Comment Text:
Chairman Gensler-- I watched the CFTC hearings with great interest and was throughly dissapointed, but not surprised you did nothing to stop the activities of the bullion banksters from heavily manipulating the price down of the precious metals markets. 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. 5,000 contracts is the equivalent of 25 million ounces of silver. This is too high of a threshold in light of the realities of the world silver market. Sincerely. --Michael Mccreary
