Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15

ZeroHedge ^ | 6/18/11

[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.

[ExSoldier]

FDR called in all gold coins; the secret police didn't go kicking in doors.

IIRC my history, his "guys" also went around to banks and drilled safe deposit boxes or demanded to be present when folks opened their boxes and then they confiscated that gold.

Does this mean that if I want to buy silver bars or American eagles after July 15th from say GOLDLINE, I won't be able to do so? What about stuff like jewelry grade silver in wire or in sheets?

[dennisw]

http://www.tfmetalsreport.com/

[editor-surveyor]

They may more likely seize our lead in 158 grain sized chumks, I suspect.

[editor-surveyor]

>> “The banks were forced to open all safety deposit boxes with a US Treasury representative present.” <<

.
Which is why a wise person has dummy coins and dummy documents in their safe deposit box.

Create yourself a fake irrevocable trust in some remote country, and have some of those gold plated coins that are always advertised on TV in the box too.

[editor-surveyor]

>> “When the US$ collapses you will be king of your neighborhood” <<

.
Until someone with a bigger gun takes you out.

[editor-surveyor]

>> “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.” <<

.
What has to be understood is that executive orders have no effect on private parties; they are orders from the President to the employees of his administration.

Only statute law can effect individuals.

[djf]

What does this do to Comex? Do they have to unwind all the open contracts?

How could they do that? It would cost the shorts billions!

[SunkenCiv]

http://www.freerepublic.com/focus/news/2736664/posts?page=62#62

[SunkenCiv]

Thanks editor-surveyor.

[Nachum]

Thanks for the heads up. HT to Jet Jaguar

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[ExSoldier]

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.

I don't allow my students to use wikipedia as a resource. However, I do recall getting such info from a colleague (fellow educator) some years ago. Not all verbiage that is in any EO is strictly enforced and much can be interpreted in a number of ways by any executing authority. I think that it's parsing words a bit to say that no deposit boxes were forced or seized. IIRC from the research I have done is that an IRS official was present at the voluntary opening of many boxes and what's to say that something like this can't happen in the present, anyway? Also, boxes are frequently drilled by banks for nonpayment of fees or death of the box holder. Contraband discovered inside would be turned over to the "proper authorities."

[unkus]

ping

[FARS]

This seems to coincide with the seemingly far fetched European claims that the French head of the IMF was set up and arrested for raping a maid because he leaked the fact that there was NO gold remaining in Fort Knox.

With the deficit out of control, it would not be that far fetched for Obama, Geithner et al to have transfered our gold reserves to China or elsewhere as collateral.

[Quix]

Does that mean we can no longer go to the coin shop and buy silver coins?

Not that I have anything to buy silver coins with . . . just asking.

[FARS]

Not sure as I have not read the bill yet.

[SAJ]

“Tapioca” is long-standing traders’ slang for going broke. Related to “Tap City”.

[wastedyears]

Any more questions that the government has been SO FAR OUT OF BOUNDS for MANY, MANY years?

[Quix]

Understand.

Thx anyway.

[lentulusgracchus]

Hogwever, it seems in hindsight that FDRs diktat “leaked” to quite a number of wealthy individuals prior to the public, and they sent their wealth overseas. Europe has been disgorging US coinage to collectors ever since.

1. It seems you may have just invented a new conjunction. Need a definition to go with it, and a context. I would suggest Harry Potter books and Hazzard County, Georgia.

2. It would be interesting to know if anyone has ever made an attempt to gauge just how much of the U.S. gold coin issue was actually taken in and melted down by the Government, as opposed to laid up and sold later. I don't think anyone wanting a representative incuse 1922 quarter-eagle will find it hard to come by.

[Tolerance Sucks Rocks]

Chris Fat@$$ Dodd leaves a calling card to traders on the way out of office.

Hey, Fat@$$, KISS MY A$$!!!

PING!