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 would ask you however, to readjust the proposed formula in silver.The current formula would result in a position limit of over 5,000 contracts for any single speculator, on an all-months-combined basis. 5,000 contracts is the equivelant of 25 million ounces of silver.This is to high of a threshold in light of the realities of the world silver market.
Please institute a 1500 contract(7.5 million ounce)position limit for silver.
Sincerely,
Patrick H.McNamara
