A pat on the back to the people who have already commented on the pending position limit rule. Still time left to have your say... Now close to 2000 comments asking for the limits to be lowered to near 1500 contracts (in line with Butler's thoughts) http://comments.cftc.gov/PublicComments/CommentList.aspx?id=965 As Ted has explained, "Your comments on silver position limits make a difference. Private legal counsel and even sources within the Commission have assured me that there can be serious consequences for the CFTC should they ignore the will of the public, when that public opinion is reasonable" Below is Ted's suggested comment, to alter as you see fit: ----------------------- Dear Chairman Gensler and fellow Commissioners: I urge you to 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. The current formula would result in a position limit of over 5,000 contracts for any single speculator, on an all-months-combined basis. 5,000 contracts is the equivalent of 25 million ounces of silver. This is too high of a threshold in light of the realities of the world silver market. There are only three mining companies in the world who produce more than 25 million ounces of silver per year and only a similar number of industrial consumers using more than that amount. Any speculator holding an amount of silver derivatives greater than what 99% of the world's silver producers and consumers make or use in a year would have inordinate pricing power. The purpose of speculative position limits is to prevent such a circumstance. Please institute a 1500 contract (7.5 million ounce) position limit for silver. Respectfully submitted, Ted Butler -----------------------
