The Commodity Futures Trading Commission needs to move quickly to establish position limits for metals such as gold and silver, Bart Chilton, the strongest proponent for position limits at the commission, said on Tuesday.
The CFTC, the country's top futures regulator, already has proposed a plan to limit the number of speculative contracts a trader can hold in the energy sector. The agency will hold a hearing on Thursday on whether metals position limits are needed to avoid concentration and price manipulation.
"I think we should propose a rule on metals position limits now and move forward as swiftly as possible," Chilton, a Democratic commissioner at the CFTC, told metal investors. (more)
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