Posted on 06/18/2011 1:46:50 PM PDT 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.
(Excerpt) Read more at zerohedge.com ...
Well, I believe that Big Brother set a deadline for citizens to hand into government, for an arbitrary price in paper currency set by Treasury Secretary Morgenthau, all the gold they owned. The seizures (and arrests?) would come later.
(Americans were not permitted to own gold again until the Ford Administration.)
The idea was to inflate the currency by giving it a value less than the market. That would help debtors, especially farmers, and harm creditors. The motivation was political, though the pretext was humanitarian. Roosevelt and his minions derided gold owners as selfish hoarders.
Overall, Roosevelt's economic "experiments," like Obama's, did little to improve the economy. One of the biggest myths in history is that Roosevelt's New Deal brought the country out of Hoover's Depression. The reality is that roughly the two thirds of the Depression occurred during Roosevelt's terms in office.
thanks oblomov.
http://en.wikipedia.org/wiki/Executive_Order_6102#The_myth_of_a_safe_deposit_box_seizures_order
According to a folk rumor on the internet, President Roosevelt ordered all the safe deposit boxes in the country seized and searched for gold by an I.R.S. official.... Examination of the actual Executive Order as issued shows that this text never appears in it. In fact, safe deposit boxes held by individuals were not forcibly searched or seized under the order, and the few prosecutions that occurred in the 1930s for gold hoarding were executed under different statutes. One of the few such cases occurred in 1936 when the safe deposit box of Zelik Josefowitz, who was not a U.S. citizen, containing over 10,000 troy ounces (310 kg) of gold was seized with a search warrant as part of a tax evasion prosecution.[10] In 1933 approximately 500 tonnes of gold were turned in to the Treasury “voluntarily” at the exchange rate of $20.67 per troy ounce.[11]
The U.S. Treasury came into possession of a large number of safe deposit boxes due to bank failures. During the 1930s over 3,000 banks failed and the contents of their safe deposit boxes were remanded to the custody of the Treasury. If no one claimed the box it remained in the possession of the Treasury. As of October, 1981, there were 1605 cardboard cartons in the basement of the Treasury each containing the contents of an unclaimed safe deposit box.[12]
Well, it really shouldn't matter. It is supposedly a free market after all. But now they won't be able to, unless they're qualified participants. Say Joe hits a small lottery or something & wants to speculate in p.m. futures a little bit. As of today he can't without jumping through the Dudd-Freak hoops of being able to prove a fairly significant income. It basically puts futures trading off-limits to Joe & Jane. They can still go into a local shop & buy or sell gold, but they aren't allowed to speculate on its future price. Only the big boys can play the game now.
Any opinions? What does this really mean?
How could so many millions of Americans put this guy on a pedestal?
I wish I knew “what this means”, but the breadth of discretion granted regulators, administrators and courts under this regime makes anticipatory analysis impossible.
Who’s got any gold?
Well, la tee da. IOW, they're wanting to take over the free market for themselves and to h*ll with us peons. What will they be wanting for themselves next week? Slippery slope. Further away from America the Free and closer to Amerika the Dictatorship.
In retrospect, I suppose the fact that Chris Dodd and Barny Frank have their names on it should have been a clue...
BINGO! And somehow, the usurper still enjoys over 40% approval. PubliK EjuKayshun rilly iz wurKing, just they way they intend it to.
>”FOREX OTC trading is not the same as purchasing physical gold, silver, etc at your local coin dealer.”<<
You are correct. But it is a first step towards controlling PM’s in private (U.S. citizens) hands.
As I read it, doesn't apply if you're buying metal outright.
Still scary, though...
Thanks!
Thanks!
No, it means if you trade gold and/or silver in the Forex market you have to take delivery of the metal.
That’s not a bad thing. We don’t need another situation like the mortgage situation where the item is sold over and over again without anyone actually taking delivery and no provable paper trail.
Out of curiosity, where do you see that this only applies to new investors? I don't see anything in what you posted indicating that previously-qualified investors don't have to meet the new standards to maintain their qualification. (Perhaps that's in some other portion that you didn't post.)
I don’t know if this is something that concerns you, but, just in case, FYI ping.
I presumed you already had firepower, ammo, and vittles. I do. Don’t you?
so i guess another black market springs up july 16th our leaders are insane and need to be deposed.
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