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 equivalent of 25 million ounces of silver. This is too high of a threshold in light of the realities of the world silver market. Given the amount of silver produced and the perceived and potential shortages in this precious metal this level of limits will encourage speculation.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.
Respectfully yours,
Tim Du Moulin
