Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I am a trustee and investor and hold physical silver bullion as part of the investment portfolios I manage. I believe silver serves a invaluable role for investors as a proper hedge against inflation. However, when the paper markets in silver are much larger than the market for the commodity itself, the prices move at the whim of of speculators and it looses its usefulness as an investment. This also plays havoc with the industrial users of the metal who are producing increasingly important products.
There is room for investors, producers and speculators alike, but only if speculators are limited in their positions.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Respectfully submitted,
Douglas Tuttle
