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 would ask you, however, to readjust the proposed formula for 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. 1,500 total contracts is a more reasonable limit.
I believe it has been well documented that there are but a few speculators controlling the price of silver with concentrated short positions. This has gone on for far too long and it is time to put an end to it.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Respectfully submitted,
Bill Gmiterko
