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Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15
ZeroHedge ^ | 6/18/11
Posted on June 18, 2011 1:46:50 PM MST by NativeNewYorker

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.

hmmmm.......just paper or physical also....?
 

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I read this earlier today, and thought of posting it here, but after reading it more closely, I honestly wasn't exactly sure what the hell it really meant,LOL !!!
But,that being said, if Frank & Dodd are behind it, we can be pretty confident that it doesn't bode well for the little guy. ;)
 

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I believe the new Dodd-Frank changes only apply to PM transactions that use leverage (derivatives), so buying coins from your local dealer, eBay, etc... shouldn't be affected.

Short term the new rules shouldn't affect prices too much as both longs and shorts will both have to close out positions. However, longer term this should benefit physical PM prices. Retail shorts have almost no way now to short PMs unless they borrow physical from a neighbor (with a promise deliver it back to the neigbor) and turn around and sell it on the market. This won't happen.
 

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This story is from zero hedge, they put out a lot of sensationalist stuff...
But seldomly untrue and there are some true money making gems there...

For the time being no one needs to worry. The law is only to curtail the leveraged speculation by limiting who can do it. Not free market capitalism perhaps but it can have a very positive effect on the spot price. It will probably come down.

BTFD.
 

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Improvise Adapt Overcome!
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This will effect the Forex markets, not street coin dealers.
Basically they want to have the FOREX outfits to come under the controll of the SEC or CFTC like a regular Futures/Commodities broker.

They have to either become part of the club, or they can't trade precious metals anymore. Right now Forex is basically unregulated to a large extent.

We can still go to a coin dealer and trade cash over the counter for immediate delivery. It won't effect us at all.
 

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They know that inflation is going to skyrocket, Fiat money is going to be worthless and presious meatals will be the only way to have real money. So they are doing that becasue when the price goes way way up they will be able to taxe you for more. Example If the price of siver is 500.00 and once after the deadline and you dont have receits for it then it had to be from before. If thats the case they will tax you on the rate right before the deadline so they can get more taxes out of it. So if the value at the deadline is 35.00 on the 14 of july and 500.00 on the 16 they will be able to tax you for the 465.00 profitt you made. That way people lose there butt in taxes for all the gold and silver we already have. They are currupt and looking to take every bit of wealth the American people have. They have there hands in your front pocket and your back pocket at the same time.
 

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Wall Street Reform and Consumer Protection Act ?
What the H**l has financial regulation have to do with gold sales?
section 1502 of the Dodd-Frank Act calls for tracing of "conflict minerals"
the only way this can be done is with a system to "certify" (insert register) origin of metals. You know kind of like the De Beers group is to diamond price manipulation (certification), and supply.
It is not to deny you gold, price/distribution control, and it is to know where it is.
All of your PMs may not be a part of the certified stock, but if you have some of the controlled, you probably have some non-certified.
Someone started a thread about gold confiscation, and it was said that they could not confiscate it because they didnt know where it all was.
THAT IS ABOUT TA CHANGE.

http://www.kpmg.com/US/en/IssuesAnd...tions/Pages/dodd-frank-conflict-minerals.aspx
Affected companies will need to:

1. Determine where 3TG metals are being used in products or processes at both in-house manufacturing or at contract manufacturers

2. Conduct supply chain due diligence, 3rd party verification, and in some cases private sector audits on the sources of these metals – all the way down to mine of origin

3. Report out the findings of the due diligence on the company’s annual SEC filing and website.
 

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I believe there is a lot more paper gold then gold to back it and there has been for years,

This may burst the bubble on gold if people find out.

I would not buy gold but over a 5 year period when i was working a underground mine i recovered over $200,000(at $350 a ounce) in gold with a metal detector.
There is a lot more there ready for me to get when i am ready.

And no i do not need any partners.

I can still find gold in that area on old mine dumps and make a living.
 

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Seems that as usual, legislation has results - intended or not.
Your call on that one.

http://www.zerohedge.com/article/another-broker-halts-trading-gold-and-silver-products
CMC Markets, a broker out of Australia which offers Contracts For Difference (CFDs), has just formally joined the increasingly larger group headed by Forex.com (discussed on Saturday) which is now advising customers that gold and silver trading will be prohibited in a month.
While we still are not confident we understand precisely what span of products is prohibited by Dodd-Frank, it appears that ever more brokers are interpreting the law loosely enough to where practically all gold and silver products will soon be removed from retail participation.
 
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