ted butler thinks gary gensler will bring real reform to the commodity markets:

Since the primary mission of the CFTC is to prevent fraud and manipulation, I have petitioned them for more than 20 years to end the increasingly obvious manipulation in silver. In the past five years or so, thanks to the continued data flow and the help of many hundreds of readers, the CFTC has been forced to conduct three separate silver inquiries, the third of which is current and almost a year old. Up until now, the CFTC has denied that there is any wrongdoing in silver, allowing the manipulation to continue. But their denials appear to be falling on an increasingly skeptical audience, given the actual data.

Now there are promising signs of change, the most important being the appointment of a dynamic new chairman at the CFTC, Gary Gensler. He brings to the Commission something rarely observed in the history of the CFTC, market experience and a sense of purpose. As I indicate in this new interview with King World News, Click Here

I think Gensler is already the best chairman in CFTC history, even though he has been on the job for little more than 2 months. I think he represents the best chance ever that the CFTC will terminate the decades-long silver manipulation. Someday, I may have to eat my words, but that day is not today. Let me explain why.

Ironically, very few seem to comprehend the great change that Gary Gensler is about to bring to commodity futures regulation, even though the signs are clear cut. All you have to do is listen to and think about what he says. He is remarkably to the point. In perhaps the greatest irony, the person who appears to be his biggest booster is formerly the harshest critic of the CFTC. I’m speaking of myself. Let’s face it; I have been on the CFTC’s case for decades. Some tried to claim I was vindictive because of dealings in orange juice futures a quarter century ago. That was nonsense, as I made the argument for silver manipulation on the Commission’s own data. I suppose some will claim some ulterior motive for my praise of Chairman Gensler, but that’s nonsense as well. Whether it turns out right or wrong, and whether many or few agree, I try to make the case on the merits and on the facts. It is my firm belief, based upon the facts, that Gensler is the real deal and is about to bring real reform to the markets, especially silver.

You need look no further than the recent public hearings on position limits. If you haven’t listened to the hearings or read the statements and testimony, you should do so. Everything can be found at the CFTC web site, www.cftc.gov There have been two days of hearings so far, with a third scheduled for tomorrow, August 5. At a minimum, please read Chairman Gensler’s opening statement for the second day of the hearings, as it will only take a few minutes and proves my point as to his focus and sense of purpose Click Here

In reading his statement, I ask you to compare Chairman Gensler’s words to my recent writings on speculative position limits. He raises the same three points as I have raised, namely, the proper level of position limits, eliminating phony hedge exemptions to those limits, and who should set the position limits, the exchanges or the CFTC. There are no other issues. And no, Chairman Gensler did not send me an advanced copy of his statement before I wrote on these issues. Please note, in this statement as well as in the hearings and in numerous recent media interviews, Chairman Gensler uttered a word the Commission has been reluctant to utter – the infamous “C” word. Concentration.

While the hearings focused primarily on energy markets, it is clear the issues of position limits apply to all markets on commodities which are of finite supply, including metals. Any genuine reform of speculative position limits must lead to a radical reduction in the current 6,000 contract accountability limit in COMEX silver futures, which towers above the position limits of all commodities. There is no other legitimate outcome. Any genuine reform of hedge exemptions to position limits must lead to the disallowance of the current exemption granted to one or two US banks that hold the greatest concentrated position in history, with the current short position in COMEX silver.

http://news.silverseek.com/TedButler/1249414304.php