The CFTC will be holding a public meeting on Janurary 13th to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
They have announced that they will be voting on position limits for precious metals.
Just yesterday, there was not enough data to come up with the solution by the mid Jan. deadline. Today, a new Chief Of Staff for the White House comes in and a decision can now be made…..
Wonder if Daley consulted with his old buddies at JP Morgan to help push this along.
Just a thought to keep in the back of your head as you watch prices for precious metals for the remainder of the week.
Just as we have said here before, it is not in the best interest of any government for precious metals to go higher and higher in value. The higher the price for an ounce of gold, the more evident it is that the public is losing confidence in the fiat currency they carry around in thier pocket.
The CFTC’s vote on the 13th could very well cause a drop in precious metals prices, and if it does, it should be looked at as a buying opportunity, and not like the sky is falling on precious metals. If the price drops, and investors shy away from gold, silver, platinum and palladium, central banks around the globe will be adding to their precious metals stockpile at a discount.
Read the CFTC meeting announcement here;