Comment Text:
To the Chairman and Commissioners --
I feel you have an important opportunity and obligation before you with respect to restricting position limits in silver. I support limiting exemptions for legitimate hedgers, but believe the proposed formula for position limit of 5,000 contracts is excessive, and still amounts to an extraordinary speculative position.
Regarding my statement that this is an opportunity: it is an opportunity for the CFTC not only to promote orderliness and fairness in the markets, but to re-establish regulatory credibility at a time when there is great concern over favoritism and abuse in the markets generally, and the financial industry as a whole. It is an opportunity for you to do what is, in my opinion, the right thing, and take the lead in regulatory reform.
Regards,
David Robb
