Comment Text:
Dear CFTC,
Your proposed position limit for silver futures of 5,000 contracts is way too high. Five thousand contracts is 25 million ounces and less than a handful of mining companies in the world produce more than 25 million ounces of silver a year. It makes no sense to enable any speculator the ability to hold, long or short, more than the amounts most of the important world producers and consumers make or use in a year. The only effective way to prevent concentration and resulting manipulation is to enact legitimate speculative position limits.
Please institute a 1,500 contract (7.5 million ounce) position limit for silver.
Sincerely,
Mark Looker
