Lemme get this straight. If I found a gold nugget out in the back yard, I can still sell it. If I found a silver dollar on the sidewalk, I can still sell it. If I found a dollar bill in the couch, the government still promises to pay me in gold for it. If I had a gold bond, I can sell it. Is that correct?
This law is to stop companies from selling you something on paper and not delivering it within 28 days? IOW, you may own paper but not the gold?
What exactly is this FOREX thing?
FOREX= foreign exchange. Trading dollars for Euro's, commodities etc. What this does is force the qualified participant (definiton above) to take delivery within 28 days. It should help keep Gov't Sacks & JP Morgue from manipulating the markets, unless they fully intend to take delivery & thereby confiscate/hoarde physical gold/silver. I'm sure helicopter Ben & Tubo Timmy will buy it from them, at a loss to us. It also keeps Joe & Jane 6-pack from putting 10K of their own money into precious metal futures, unless they're an approved participant. It also mentions foreign currency further down, but I haven't gone over that part closely yet.