Over The Counter Gold/Silver trading to be Illegal starting 7/15



This is bullshit. It looks like it only applies to Margin purchases. Going to take a little more digging

The Forex.com message apparently stems from Forex.com’s interpretation of some of the Dodd-Frank rules which prohibit “…a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis.”
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dmnEPC said:
This is bullshit. It looks like it only applies to Margin purchases. Going to take a little more digging
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regardless of how you interpret it, this can't be good

from: FOREX.com <info@forex.com>
Date: Fri, Jun 17, 2011 at 6:11 PM
Subject: Important Account Notice Re: Metals Trading
To: xxx Important Account Notice Re: Metals Trading

We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.
In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.
We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated.
We sincerely regret any inconvenience complying with the new U.S. regulation may cause you. Should you have any questions, please feel free to contact our customer service team.
Sincerely,
The Team at FOREX.com
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Hmmm, if my memory serves me correctly, buying and selling gold was banned in the US before, back in the sixties.

But a backdoor way to get around that was to mint gold coins, that's how the Krugerrand got started (some weird law about how you couldn't ban trading in currency)

South African Krugerrands | Gold Editor
 
fuck dodd you greedy fucker they know the value of the US dollar is gonna go down and don't want Americans to have a way out .
 
Andrew Scherer said:
more info plz
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http://www.gpo.gov/fdsys/pkg/BILLS-111hr4173enr/pdf/BILLS-111hr4173enr.pdf

848 pages :anon.sml:

taken from another board
Folks, this is true. You can verify this for yourself, as I just did, by going to their website and talk with a live representative. See my transcripts below:
(Begin)
Please wait for a site operator to respond.

You are now chatting with 'XXX'

Forex.com: Hello XXXXX, welcome to FOREX.com. May I have your account number (User ID) to better assist you?

Me: Hi XXX. I have a quick question for you

Forex.com: What can I assist you with?

Me: There is a rumor circulating that a FOREX.com email states that the US residences may no longer be able to trade precious metals after July 15. Do you know anything about this?

Forex.com: As a result of the Dodd-Frank Act enacted by US Congress, effective Friday, July 15, 2011 a new rule will prohibit US residents from trading over the counter precious metals, including gold and silver.

Me: Ok, thank you. Do you know what that consists of? What does over the counter mean? Surely not restricting us from buying actual coins are they?

Forex.com: This regards retail forex services. You will still be able to purchase gold coins or jewelry for example.

Me: ahh ok got you. Thank you much.
(End)
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​
 
Chris Dodd and Barney Frank are two of the biggest crooks this nation has ever seen, but they get a pass because they're democrats "doing it to protect consumers"
 
You can still buy physical gold and silver. From what I read it states that you can not buy gold on paper. For anyone to sell you gold then need to be ready and able to deliver it to you.
 
I'm amazed with the people here that hold themselves out to be intelligent and have the ability to research things on the inter-highway that you guys seriously fell for this one...................
 
regulating counter-party risk is a good thing unless you like your broker going bankrupt.
 
Pr0xyhub said:
so funny all i see you do is flame usa... someone is a little jealous..

don't hate US (LOL PUN INTENDED) cuz you aint US (LOL PUN INTENDED)
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What's to be jealous of?

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