Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I am an individual investor and I encourage you to approve the staff’s proposal on position limits. However, I would ask you to reconsider 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. This is too high of a threshold in light of the realities of the world silver market. It is widely accepted by many that the silver market is manipulated to an extreme degree. I concur with this view--I know you've heard the arguments. I'm sure many have written to you explaining why this limit still allows manipulation of the silver market. Please institute a 1500 contract (7.5 million ounce) position limit for silver.
By acting in a reasonable manner I think the CFTC can win back some of the respect that has been lost--many of use see the CFTC as an organization that serves monied interests and gives the short end of the stick to the public. It's time the playing field is leveled.
Sincerely,
James Dietch
