Saturday, September 17, 2011

CFTC Pushes Public Meeting On Position Limits From Sept 22nd to Oct 4th

Those waiting for the CFTC to implement position limits in silver, or do ANYTHING for that matter regarding the silver price manipulation need to get a grip.
The only one who will do anything to end silver price suppression is millions of small retail investors purchasing silver to protect themselves from fiat currency debasement, thereby exacerbating the supply/ demand shortage of physical silver.

CFTC insiders blow whistle on position limit rule

WASHINGTON (Reuters) - Internal strife at the Commodity Futures Trading Commission over how to craft a workable rule to crack down on speculation in oil markets has prompted two internal whistleblowers to ask the agency's inspector general to step in.
Market participants
(JP Morgan) have argued there is no reliable economic analysis proving that position limits curb excessive speculation.

The CFTC has already missed a deadline in the Dodd-Frank law to finalize position limits. Three of the five commissioners at the CFTC, including one Democrat, have expressed skepticism that position limits can prevent large run-ups in prices.
CFTC Chairman Gary Gensler had hoped to get the measure approved in September, but now it is expected to be pushed into early October.

The complaints suggest there is strong internal dissent over the position limits policy -- something the derivatives industry could seize on as it tries to fight back against the plan.
CFTC Inspector General A. Roy Lavik confirmed receiving both complaints. They mark the first time his office has received complaints concerning a Dodd-Frank rulemaking.

The whistleblowers say a recent version would require the use of over-the-counter derivatives data that the agency does not collect.
The complaint emailed to Reuters discusses the reasons why the position limits rule is flawed and also accuses the position limits rulemaking team leader of kicking senior employees off the team, and replacing them with staffers who have very little experience, either at the CFTC, or in the industry.
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