At the December 16 meeting, [CFTC Chairman Gary] Gensler agreed to instruct CFTC staff to implement [Commissioner Bart] Chilton's suggested "position points" system until the CFTC puts its position limit plan in place.
Under the system, if a trader's holdings in a commodity reaches a certain threshold, it triggers a new level of heightened regulatory scrutiny by the CFTC where commissioners could vote to require the trader to reduce their positions.
Wednesday, January 5, 2011
Welcome to "Free Markets" in Amerika
Reuters reports (my emphasis):
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I remember when the COMEX board of directors voted to force the Hunt brothers to shrink their silver position. The members did well. The Hunts? Not so much.
ReplyDeleteGATA clowns should be all for this. In their quest to stop "manipulation" and "monopoly" in gold and silver futures markets, they'll willingly and ignorantly hop into bed with any regulator who will pledge to do their bidding.
ReplyDeleteWhy do free-market zealots turn such a blind eye towards manipulation by the largest players. I'm all for free-markets, but I really can't point to a single free-market in Amerika right now.
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