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 hedges. I would ask you, however, to readjust the proposed formula in silver. The current formula of 5,000 contracts is the equivalent of 25 million ounces of silver. This is too high a threshold in light of the realities of the world silver market.
Please institute a 1,500 contract (7.5 million ounces) position limit for silver.
Respectfully submitted
Michael J. Traynor
