i found this in another silver forum. although the hearing was supposed to be about energy futures, bart chilton managed to slip in a question about metals.

it is really frustrating to hear the representatives of goldman sachs and jp morgan say they approve of applying positions limits to end users, but not to them. they describe themselves as "passive" investors, yet they make billions of dollars trading for their own accounts. maybe someone smarter than me can figure that out:

In the 2nd CFTC hearing on July 29th, at around 1hr 6min, Commissioner Chilton asked a panelist about setting position limits on metals.
http://capitolconnection.gmu.edu/cft...starchive.htm#

Just before, Tyson Slocum (Public Citizen) said that position limits should definitely be set on commodities with physical delivery, since that is where past manipulation has occurred, and he used the Hunt Brothers cornering the silver market as an example.

Then Chilton asks Dr. Henry Jarecki, Gresham Investment Management this:

>> YOU MENTIONED THAT YOU
THOUGHT WE TO THAT POSITION
LIMITS IN ALL MARKETS.
SINCE THE DOCTOR RAISED SILVER,
I WILL RAISE THAT METAL COMPLEX.
IT IS MY VIEW THAT WHAT IS GOOD
FOR THE GOOSE...IT WOULD MAKE SENSE
TO DO IT FOR ALL OF THESE -- DO
YOU HAVE AN OPINION ON THAT?


Dr. Henry Jarecki, Gresham Investment Management
>> I THINK I AGREE WITH YOU.
MY FOCUS IS ON ENERGY MARKETS,
BUT IT WOULD MAKE A LOT OF SENSE
FOR THE COMMISSION TO BE
CONSISTENT WITH ALL COMMODITIES
UNDER ITS JURISDICTION.
I HAVE PARTICULAR CONCERN THAT
IN THE EMERGING POLLUTION
DERIVATIVES MARKETS, AND I HOPE
THE COMMISSION EMBRACES ITS
HOPEFULLY NEW AUTHORITY OVER
THOSE MARKETS, BUT I THINK THAT
ALL OF THESE ANTI SPECULATION
AND PRO COMPETITIVE, REGULATORY
ACTION BY THE COMMISSION SHOULD
APPLY TO ALL THE COMMODITIES
UNDER YOUR JURISDICTION.