Comment Text:
Dear Chairman Gensler and fellow Commissioners:
Ultimately, a commodity exchange exists to serve customers. Bona fide customers in order of importance are; Consumers, hedgers and speculators. Disregarding core customers or inverting priority can only lead to one outcome and that outcome will not benefit anyone.
As a consumer, hedger, and speculator, 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. 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. Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Respectfully submitted,
Rodney A. Johnson
