Comment Text:
Kind Attention:
CFTC Chairman Gensler and Commissioners:
If you are serious about stopping market manipulation in the silver markets I implore you to approve your staff’s proposal on position limits, including limiting exemptions to legitimate hedgers.
Please reconsider your recently proposed position limits on silver contracts . The current allowance of over 5,000 contracts for any single speculator is inequitable and will be ineffective in preventing market manipulation.
5,000 contracts (equaling 25 million ounces) favors paper short speculation and is not a level playing field. At these position limit levels many folks I talk to are wondering who it is you are really serving and how you can defend your decision.
As you know, only three mining companies produce more than 25 million ounces of silver annually and few industrial consumers use this amount. Any one speculator controlling this level of silver derivatives promotes unjust enrichment and is absurd, ---- unwarranted and is just wrong.
Please set your position limits for silver between 1,000 to 1500 contracts.
Respectfully Submitted,
