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.

[Tolerance Sucks Rocks]

Teh Nanny State iz in ur precious metalz!

Nanny State PING!

[tutstar]

Add me to your pings please

[tutstar]

Ping... This doesn’t sound good. Seems it will take away people’s ability to use anything in place of the dollar.

[NELSON111]

I’m thinking we need a miracle or divine intervention right about now.

I'm sorry...but as a nation...we view too much porn...and kill to many babies to be eligible for divine intervention.

2Ch 7:13 - 15 - "When I shut up the heavens so that there is no rain, or command the locust to devour the land, or send pestilence among my people - if my people who are called by my name humble themselves, and pray and seek my face and turn from their wicked ways, then I will hear from heaven and will forgive their sin and heal their land. Now my eyes will be open and my ears attentive to the prayer that is made in this place."

[GnL]

Who says I’m not the guy with the bigger gun?

[RockinRight]

Does this affect ETFs like GLD and SLV?

[Travis McGee]

Our dear leader has no current intenetion to confiscate your gold. Open confiscation would lead to rebellion at least at the ballot box. This plan under the guise of protection is backdoor confiscation. You can keep the gold but trading it will be much more difficult. Some may benefit from this scheme but the masses will see less liquidity and lower value.

I agree with all of your points. For now. But I wonder at the next steps on this road. I wonder if the "zero tolerance" commissars will apply ATF-like fervor to setting up stings to catch felonious PM traders in the act, and so on. I would not be surprised.

(Meanwhile, outside every Federal Building, illegal SSNs and IDs are sold to illegal aliens, and federal agents pass them every day without noticing the ongoing false ID business. Some crimes they are paid not to notice.)

[Travis McGee]

Thanks for the ping, important thread.

[mewzilla]

Everything old is new again.....

The Gold Confiscation Of April 5, 1933 From: President of the United States Franklin Delano Roosevelt To: The United States Congress Dated: 5 April, 1933 Presidential Executive Order 6102

[mewzilla]

Meanwhile....

Fort Knox U.S. Gold Reserves to be Independently Audited and Assayed? Congressman Ron Paul Pressures U.S. Treasury

Comments that follow the article are equally interesting.

[HereInTheHeartland]

“Not true. The banks were forced to open all safety deposit boxes with a US Treasury representative present.”

Wow, and we think we are a nation of sheep now!!!
FDR was a dictatorial tyrant, but he has been granted sainthood by by many

[Aevery_Freeman]

I hope you have secured a collection of numismatic, pre-1933 gold coins, preferably graded.

I believe a collection of guns would also be appropriate.

[Munz]

There are still other places that are selling it over the counter and making no mention of it at all.

[Munz]

Ping me if you have a list going please

[Munz]

>My Gold is legal tender, this is a bunch of malarkey unless the US treasury decides not to back their own money. Of course what a man wants to pay is up to him.<

The dollar has not been backed by gold for years. That script making US currency payable on demand was taken out of circulation years ago when we were taken off the gold standard.

[eyedigress]

Are you saying that my 50.00 Eagles stamped by the U.S. Mint are not legal tender

[Munz]

They are not redeemable from the government in gold.
As you are probably aware they stopped backing the dollar years ago in gold.

At one time it was all payable on demand.
Then they switched to silver

then to fiat currency

You can get its value from a dealer I am sure, but not from the government as it should be

[Jim Noble]

American gold and silver eagles minted since 1986 are legal tender for face values of $50, $25, $10 and $5 in gold and $1 in silver.

[callisto]

Dear Reader was handed another lever of control by Congressional Dems under the guise of preventing a repeat of the 2008 financial crisis, but as with all Democrat legislation, it takes away the freedom and liberty of American citizens and further enables those who are at fault for the crisis-of-the-day. FDR would be proud.

[FARS]

Very good points. I have been trying to pass that around on FR and elsewhere but get shot down by Gold and Silver dealers who probably realize this but want to make or do make money on distorting the facts and selling soon to be useless bits of yellow and grey metals. May take a year from a crash as people realize they cannot eat or trade the metals for something useful, so stop accepting it for a pair of shoes or socks or food or medication.