Comment Text:
Dear Chairman Gensler and other commissioners:
I am concerned about the possibility of manipulation of silver and other commodities markets by players who may have an unfair advantage. Sooner or later, where naked short selling, collusion, and other unfair practices are employed, markets eventually wise up to such practices and shun such jurisdictions. Once lost, credibility is rarely restored. Confidence in the fairness of our markets is essential to continued success of our freemarket capitalist economy.
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.
Respectfully submitted,
Gerry Peters
