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, but with an adjustment to the position limit for silver. 5,000 contracts is the equivalent of 25 million ounces of silver, which invites large banks to continue preying on smaller investors.
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 can manipulate the market for personal gain – defeating the purpose of speculative position limits.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Respectfully submitted,
Barry Landers
