Comment Text:
Chairman Gensler and fellow Commissioners:
Please approve the staff’s proposal on position limits. Including limiting exemptions to hedgers. I would also ask you to adjust the proposed contract limits in silver. The proposed 5,000 contracts for any single speculator is entirely to large for the silver market.
Not many mining companies in the world can boast of producing the millions of ounces required to fill these contracts. In fact, there are three. A speculator who holds a derivative position larger than the amount of silver that the world's producers make has too much power to unfairly influence the market.
I would propose a 1500 contract position limit for silver.
