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. I would ask you, however, to readjust the proposed formula in silver to something more reasonable than the current formula which would result in a position limit of over 5,000 contracts for any single speculator.
The proposed limits would give speculators inordinate pricing power. The purpose of speculative position limits is to prevent such a circumstance. Speculators should not be allowed to hold such large positions simply to manipulate silver prices. Reasonable speculation is healthy. Unreasonable speculation carries unreasonable risks for both the speculators and market institutions.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Thank you for you kind attention in this regard,
Craig Holcomb
