Comment Text:
Please 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 from the current 5000 contracts to 1500 contracts. Since the contract size of silver is 5000 oz. and cannot or will not be adjusted, the above reduction would be adequate especially if a physical shortage occurs. Also, in comparison to gold, the above contract limit is essential since gold's contract size is only 100 oz. and a physical shortage could not occur since very little of the metal is used for industrial purposes.
