The London Metal Exchange is consulting on the imposition of spot position limits, and individual prompt and all prompts accountability levels for its precious metal contracts (gold and silver). LME will consider all current prompt dates through the first prompt day of the next month as spot; all other prompt dates will be non-spot. Under LME’s proposed accountability level regime, LME members who hold positions for themselves or their clients in excess of accountability levels would be required to explain to LME the rationale for holding such large positions and will have certain daily position reporting obligations too. LME may order a person with positions in excess of an accountability level not to increase its position or to reduce its position. LME members would be required to enforce position limits and accountability levels (as required by LME) against their clients related to positions the members hold on their clients’ behalf. LME will accept comments on its proposal through May 12.