Comment Text:
Dear Chairman Gensler and Commissioners:
I support the use of derivative position limits as described, except for the proposed formula for silver.
It would result in a position limit of over 5000 contracts, or a 25 million ounce equivalent. This seems
too high of a threshold given the few number of mining companies that produce that kind of volume
in a year. It also would allow one or more speculators to impact the silver price, which is what I
understand position limits are meant to prevent.
I therefore request that you institute a 1500 contract, or 7.5 million ounce, position limit for silver.
Sincerely yours,
Gustave Beck
