Comment Text:
Dear Chairman Gensler and Fellow Commissioners,
My wife and I are small private silver investors and have written to you multiple times on the institution of appropriate silver position limits as well as the manipulation in the silver markets over the past several years. Your current investigation of the manipulation in the silver market, indeed, seems to have been epic in it's length from the general public's perspective.
We again urge the Commission to approve the staff's proposal on position limits including exemptions to bona fide hedgers. However, the proposed formula for silver would result in a position limit for silver of 5000 contracts (25 millon ounces). This would allow a speculator to hold an amount of silver derivatives greater than what 99% of the world's silver producers and consumers make or use per year and thus would have inordinate pricing power. This is totally unacceptable and would result in continued manipulation of a free market in silver.
An appropriate and reasonable position limit for silver would be 1500 contracts (7.5 million ounces) and we urge the Commission to take crisp and efficient action to institute this position limit for silver.
Thanks in advance for your consideration.
Respectfully,
Scott & Jude Emerson
Marquette, MI
