Comment Text:
Dear Chairman Gensler and fellow Commissioners:
I strongly agree with the comments made by Ted Butler and others, that a 1500 contract (7.5 million ounce) position limit for silver is more appropriate than the current formula which would result in a position limit of over 5,000 contracts for any single speculator, on an all-months-combined basis, for the reasons he has outlined. I therefore 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. Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Sincerely,
Sean Davidson
