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Gene Arensberg: So much for position limits on Comex gold
6:16p ET Wednesday, May 15, 2013
Dear Friend of GATA and Gold:
Gene Arensberg of the Got Gold Report today wonders aloud how April's gold smash, apparently involving more gold than has ever been dumped on the Comex futures market at once, about 40,000 contracts, did not violate the position limits of the exchange and the U.S. Commodity Futures Trading Commission.
Arensberg asks:
"Who was the large trader who decided to hammer the gold market with 40,000 contracts all at once?
"How did that trader manage to do so without running afoul of the CME Group position limits or the CFTC regulators?
"Was the initial trade by one, two, or many traders? If by one or two, then there is no way in hell the trade was 'legal' under the position limits.
"If by many traders all acting at once, then how is that possible without their conspiring to do so? (We are talking about the initial smash trade here, not the ensuing stops triggered.)"
Arensberg's commentary is headlined "So Much for Position Limits on Comex Gold" and it's posted at the Got Gold Report here:
http://www.gotgoldreport.com/2013/05/so-much-for-position-limits-on-come...
Monetary metals investors might do well to send Arensberg's commentary to the members of the CFTC with a request for an explanation. The commissioners' e-mail addresses are included at the bottom of silver market analyst Ted Butler's latest commentary, denouncing the commission's negligence, at GoldSeek here:
http://www.silverseek.com/commentary/worst-regulator-possible-11571
Inquiries to members of Congress would be helpful too.
Please alert your secretary/treasurer about any responses: CPowell@GATA.org.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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