Excessive speculation hurt the economy in 2008 and, once again, is harming the economy in 2011. According to data recently released by the Commission, speculators have raised their positions in energy markets by 64 percent compared to June 2008, bringing speculation to the highest level on record.
We need meaningful, effective speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation. In particular, I:
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.source: Stop Oil Speculation Now
...There are only three mining companies in the world who produce more than 25 million ounces of silver per year and only a similar number of industrial consumers using more than that amount. Any speculator holding an amount of silver derivatives greater than what 99% of the world's silver producers and consumers make or use in a year would have inordinate pricing power. The purpose of speculative position limits is to prevent such a circumstance.
Please institute a 1500 contract (7.5 million ounce) position limit for silver.source: silver analyst,Ted Butler
...I urge you to curb excessive gambling in commodities markets like food and oil...source: Americans for Financial Reform
...will play a critical role in reestablishing market fundamentals....source: Petroleum Marketers Association of America
...while many factors contribute to today's highly volatile commodity prices, it is clear...source: World Development Movement