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 feel strongly that you must readjust the proposed formula in silver. The current proposal results in a position limit of over 5,000 contracts, on an all-months-combined basis.
5,000 contracts is 25 million ounces of silver.
This is way too high: the realities of the world silver market make that obvious.
In fact it simply lets the manipulation of the silver market become legitimized in the same way that HFT trading has killed the reputation of the equities markets. Most now view stocks as a rigged game for PD traders from Goldman et al.
The purpose of speculative position limits is to prevent such a circumstance.
Please institute a 1000 contract (5 million ounce) position limit for silver.
Respectfully submitted,
Derek Christiansen
Small Investor & Proud American
