Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I am outraged that you have taken a backseat to the gargantuan market players who are using these silver and gold markets for the controling of these prices to suit themselves
I urge you:
To approve the staff’s proposal on position limits, including limiting exemptions to bona fide hedgers.
To readjust the proposed formula in silver. The current formula would result in a position limit of over 5,000 contracts for any single speculator, on an all-months-combined basis.
The contention is that:
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 have inordinate pricing power.
The purpose of speculative position limits is to prevent such a circumstance.
5,000 contracts is the equivalent of 25 million ounces of silver. This is too high of a threshold.
I pray to God that you immediately institute a 1500 contract (7.5 million ounce) position limit for silver.
Of my meager investment of $8,000 I now have $1,000 because the price move of silver was curtailed by those who have short positions in silver contracts that are absurdly huge like the amounts mentioned above.
I pray that you would no longer allow these theives to steal by manipulation.
I also pray to God that you personally reap as you have sown.
Respectfully submitted,
Danny J Cox
