Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I have only recently become aware of problems in the silver market. It seems small concentrated entities have been able to dictate silver prices for years. The current contract limit of 5000 is too much for a market the size of silver. This type of monopoly would not be tolerated in many larger markets, but seems to slip through in small markets like silver because less than 2% of the US population even invests in precious metals.
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. Any speculator holding an amount of silver derivatives greater than what 99% of the world’s silver producers and consumers make or use in a year would have inordinate pricing power. The purpose of speculative position limits is to prevent such a circumstance.
Please institute a 1500 contract (7.5 million ounce) position limit for silver. I for one am not interested in silver investing simply because of this overt manipulation.
Thank you for your time.
