Comment Text:
Dear Chairman Gensler and Commissioners:
I'm 75 years old. My interest in Silver and Gold Bullion investment began in the early 1980's. It has
intensified in the last 4 years as I am trying to protect and repair my retirement assets. Maybe
someday I can retire before I expire.
Speculator position limits in the Silver market in recent years have allowed undue concentration, and
manipulation and volitility of prices, rather than discovery of prices. This pattern will continue under the
proposed rule which allows a position limit of 5000+ contracts (25,000,000 ounces of Silver!). Such a
high position limit would be reasonable for a large producer or user, but is completely too high for
Silver speculators, as recent history of manipulation/volitility discloses.
I'm reminded of the relationship of the cash price of old-crop wheat never meeting up with the expiring
futures price in June/July a few years back. Doen't make sense and all parties (elevator operators,
farmers and users) were pressed to carry on normal business. Speculators have their place--Iet's keep
them in place.
Reduce the position limit in Silver to a figure between1300-1700 contracts, and allow exceptions only
to producers, users and legitimate publicly disclosed hedgers.
H Dean Fitzsimmons
