Comment Text:
28 February 2010
To whom it may concern,
With regards to all commodities of finite supply, I feel it is the responsibility of the Commission to maintain, contemporize, and establish strict, yet reasonable position limits. By doing so, it is my belief that excessive speculation, volatility to the markets, and manipulation will be prevented. Exemptions to these limits should only be granted to bona fide hedgers, or more specifically, those who produce or consume the particular commodity.
Many have proposed and support a position limit of 1% of world annual production for all traders/entities. However, while this seems perfectly sound and rationale, I feel it is the duty of the Commission to develop specific and tailored limits for each individual commodity. For some commodities and markets a lower limit will be warranted. For others, perhaps slightly higher. Nevertheless, it is my opinion that a great deal of variance above one percent would be imprudent and unjustifiably permissive. Such lax regulation and standards currently exist in the silver market, and are in need of extreme revision. A 1500 contract position limit in silver should be instituted, in my opinion.
I am appreciative of the protective oversight provided by the Commission. It is my hope that the Commission will continue to protect these vital markets from speculation driven volatility and most importantly, manipulation. Please remember that these markets are not, and should not be a playground for capital rich institutions.
Sincerely,
Ty Bennett
