Comment Text:
It is my understanding that large banking institutions have been using a commodity trading stradegy in silver futures for a number of years that, essentially, controls the spot price of silver. As a federal regulating commission, I applaude your consideration and recommendations to establis reasonable methods to preclude this manipulation of a free market.
Please consider lowering your recommended position limit to 1,500 contracts (7.5 million ounces) from your proposed 5,000 contract position limit (25 million ounces). It also seems prudent to preclude exemptions except for the few bona fide hedgers.
