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 ...
That’s what I was wondering. What constitutes “over-the-counter trading of gold and silver?” Can I buy old silver dollars over a virtual counter like eBay?
I wish the same of my great-grandfather.
This thing in the Dodd-Frank act I find confusing. Doesn't sound like it should legal though.
I got mine ping...
I’ve never heard of the gold coin recall. Could you give some historical perspective and opine?
(Be kind, I’ve yet to have coffee. lol)
I haven’t heard of this either!
As one who despises FDR, taking the US off the gold standard (but NOT confiscation of private gold) was one of his better moves. The gold standard was the main cause of the collapse of the U.S. banking system, because almost no other country was on gold. Gresham’s Law, bad money drives out good: francs, marks, lira flooded in, U.S. gold flooded out. But we couldn’t convert lira or pesos into gold. So our reserves were near the point of collapse.
The Mechanics of Financial Repression:
1) Inflation
2) Negative Real Interest Rates
3) Involuntary Funding
4) Capital Controls.
I believe this latest action would fall under point #4, IMHO.
Does this include the selling of gold (jewelry?) to a wholesaler? When will these a-holes ever stop?
“Barry will be making a big mistake if he tries to confiscate our gold in July.”
Why? No one fought back when they confiscated our physical being so why do you think anyone will fight back when an external commodity is confiscated?
“Does that mean we can no longer go to the coin shop and buy silver coins?”
The short answer is NO, you can still buy at coin shops.
What this does is only allow “approved” people to buy and sell in one market, the FOREX market. The FOREX market is where people sell currencies, of which gold and silver are a part of this.
The bigger implication is that only the “big boys” will be able to play the futures game at this market, the “retail investor”, aka Joe and Jane Doe, won’t be allowed to.
This will allow the big boys to play and bet on moves of gold and silver, and have more manipulation room to do it in. It will maybe push more smaller investors into the ETF GLD and SLV shares, which any goldbug or silverbug don’t touch because these ETF’s don’t have real physical behind them.
I’m dumb as a rock when it comes to this kind of thing.
About the only thing I get from reading some of the links is “The rich get richer”.
Subprime was just an excuse to control all financial products
Invest in lead. The ballistic type.
Thanks for the ping!
He has to take our gold. Otherwise, how will he make us dependent on dollars while he crashes them on purpose?
It appears, and I've no excuse, sorry, that your query somehow got lost within a blizzard of similar queries.
Good trading to you!
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