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Gold/Silver OTC trading illegal for US residents after July 15, 2011?

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posted on Jun, 19 2011 @ 02:48 PM
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reply to post by romanmel
 





What if a method of alchemy has been or will be perfected to cheaply manufacture gold? What will it be worth then?


Yeah and that is about as likely to happen as hell freezing over. What is silly is people trying to justify thier ignorance using ridiculous scenarios such as this. You can't eat gold but you sure as hell are more likely to buy something to eat with it then with nothing. If society degrades to the point that food is so scarce no one will trade anything for it much less gold then those without gold will starve as readily as those with. In the meantime gold and silver have proven to be a reliable means of exchange for thousands of years and especially during currency crashes and hard times. Most recently in Argentina in the 80's currency crash, and it is the only thing that can buy food in Zimbabwe at the moment.




posted on Jun, 19 2011 @ 02:50 PM
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go here after July 15th

www.banamex.com...

then convert what ever you have into Mexican Peso here

www.xe.com...

If you are close to the border just come down to any bank, but Banamex is cheapest and buy them OTC. You have gold and silver, congrats.

Hid them though, remember in the 30's the great government took everyone's gold for 6-9 months before they came to their senses.



posted on Jun, 19 2011 @ 02:53 PM
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Originally posted by ommadawn

Originally posted by TDawgRex
reply to post by ommadawn
 



Arrrgghh! My head hurts!


After reading that, I hate lawyers all that much more.


Which is why folks are more likely to run around like Chicken Lickin' off the back of a news story instead of establishing the facts for themselves.
People are lazy and gullible, and the gutter press and wacko's know that.

Just how you get from the wording of the act to a ban on OTC metal sales, remains unexplained by these news sources.



When it comes to passing new laws, all I ask for is that it is worded, in plain 8th grade english, so that everybody can understand it. I know that's asking a lot of people these days, but it's a start. To many loopholes in todays laws. I guarentee you, someone will make big bucks off of this.



posted on Jun, 19 2011 @ 04:15 PM
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Originally posted by mybrotherinmexico
I just talked to a forex rep and they said that It doesnt effect physical gold or silver ownership (aka pawn shops and coin collectors), it its for the derivitaves markets.



thank you, and that market does need to be dealt with. this is a good law for america, not a bad one - although if our currency were sound it wouldn't need to be a law at all.



posted on Jun, 19 2011 @ 04:24 PM
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Originally posted by mybrotherinmexico
I just talked to a forex rep and they said that It doesnt effect physical gold or silver ownership (aka pawn shops and coin collectors), it its for the derivitaves markets.



That's exactly what I thought when I read this news. OTC derivatives, ETFs and other paper investment vehicles tied to precious metals are so heavily levered that if a run were to happen(which is very possible) there is absolutely NO WAY the primary dealers would be able to deliver.

While this is a good thing..Dodd/Frank is still a monstrosity of a bill.
edit on 19-6-2011 by projectvxn because: (no reason given)



posted on Jun, 19 2011 @ 05:02 PM
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reply to post by OBE1
 

OBE1 is correct here is a link that goes into detail.
www.wikinvest.com...

I don't see any of this law as anything other than another make you feel good law us commoners. One that in the end makes absolutely no difference. They have been doing things like this for years and for the most part no one has caught on. The way I see it if you invest into a derivative that you don't fully understand and you lose it's your fault. If you are 18 and make a mistake you are to blame not the product. I trade with Oanda and have made trades that I have lost on but that's my fault, that's how currency's and investments work. It's like fishing, if all you did is catch fish all of the time it would be called catching not fishing. Investing is speculative not guaranteed, people seem to have forgotten that.



posted on Jun, 19 2011 @ 05:21 PM
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reply to post by Dance4Life
 


The CME is also where the concept of Carbon Credits was conceived. I just can't figure out a way to explain to people it's all a game, I have tried. I left a very good job in late 06 to try to warn people thru a housing agency. I got nowhere other than 8 balled for confronting the players and asking the really hard questions. The very people who say they are there to fix it are the very same people who profit on the game. Who here knows that Roosevelt put big daddy Kennedy in charge of regulating the stock market after the crash. Roosevelt's reasoning was who better to catch a thief than a thief. Kennedy made a boat load of cash on the crash.



posted on Jun, 19 2011 @ 06:25 PM
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reply to post by cjdny
 


This Act has nothing to do with physical market. It is meant to curtail over-leveraging of commodities. Do you think Oil will no longer be sold OTC? No more 10w-30 at the gas station? I don't think so!



posted on Jun, 19 2011 @ 06:44 PM
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reply to post by QuantumDisciple
 

That's not what I said, you need to re read what I wrote. It is perfectly clear that there will not be a ban on actually purchasing gold and silver. You obviously didn't do anything but skim over my post. If you don't understand what I wrote do not assume you know, this is why we are in the situation we are. All you have to do is ask a question or simply say that you don't comprehend my point and I will try to simplify it for you. Just to make my point even clearer for you no where within this comment section did any one make any comment on 10-30 motor oil. Are you just trying to derail the discussion or are you simply clueless?

edit on 19-6-2011 by cjdny because: (no reason given)



posted on Jun, 19 2011 @ 07:13 PM
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reply to post by cjdny
 


Sorry I wrote this as a reply to the OP. I hit reply to you on accident.



posted on Jun, 19 2011 @ 07:41 PM
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American tax payers are getting raped!

- paying for a series of illegal/immoral wars

- Giving trillions of dollars away in the bailouts wherein 9 trillion dollars simply disappeared. BS#! how does 9 trillion dollars disappear? IT DOESN'T!

- 2.3 Trillion dollars missing from the pentagon right before the 9/11 attacks which conveniently wiped out the computers in the pentagon that kept the records regarding the 2.3 trillion of missing dollars.

- Retirement funds have been looted.

- NEXT ON THE LIST: Gold theft.



posted on Jun, 19 2011 @ 07:42 PM
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reply to post by PaganArchangel
 


With the price of gold artificially high the smaller stores cannot keep up. They do not get the volume price breaks that the larger stores and the chain stores do. The small communities that these stores serve have usually been hit hardest by the economic downturn. No on is buying and the stores have to sit on inventory that they are still paying for.

BTW, this new law has nothing to do with you or I, or Joe Blow or Susie Homemaker buying gold. It was written to protect the consumer from .coms that trade in gold on paper, or in cyber space. But if you ask them for your gold, you don't get it. This law was written to force them to either put the gold in your hands within a specified time period or cease and desist. It is a good law, but as with all good things, someone will find a way to pervert it.



posted on Jun, 19 2011 @ 07:44 PM
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reply to post by kreese
 


That's not what's happening here.

This is about controlling over leveraged paper representative of gold and silver(and other precious metals). When you have a system that allows hundreds of ETFs to every troy ounce of gold out there you run the risk of a run and a massive artificial price spike that could destroy the gold market(making everything from jewelry to electronics prohibitively expensive).



posted on Jun, 19 2011 @ 07:49 PM
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reply to post by jaguarsky
 




With the price of gold artificially high...


Gold is "artificially" high?

Care to elaborate?



posted on Jun, 19 2011 @ 07:50 PM
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I concur with OBE1 and others, this is notable but not really that big of a deal. Getting things on a double blinded exchange w/ enforced margin supervision is always a good idea.

Why can't they force CDS which trade OTC onto a similar exchange? That I'd really like to see
.



posted on Jun, 19 2011 @ 07:51 PM
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I read on another forum that the bill may also be interpreted to include provisions which will make the common middle class person unable to purchase foreign currencies for investment, the only time one could purchase them would be when going on a trip to a foreign country. There was also speculation as to whether previously owned Iraqi Dinars for example could be legally exchanged for US dollars after that date.

Here is a link to the discussion, hopefully this link in permissible, if not, mods feel free to correct:
July 15th Trading



posted on Jun, 19 2011 @ 07:54 PM
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reply to post by JR MacBeth
 


I think it might be. There are two ways it could go.

With so many ETFs driving gold up in price that paper may be causing an artificial price spike. I think it would be beneficial to reduce leverage and let gold rise on it's own. Or at least increase gold reserves of companies that sell ETFs. This could bring the price down.

However, at the same time, the price of gold could go up due to the de-leveraging of gold ETFs as price discovery would seek to know how much gold is actually out there. If it is discovered to be more rare than is represented by the current market then gold may simply sky rocket to 2 or 3000 dollars by the end of the year. Perhaps higher.

The gold market IS being manipulated. Which way it goes is the question. I'm not sure anyone has that answer.
edit on 19-6-2011 by projectvxn because: (no reason given)



posted on Jun, 19 2011 @ 07:55 PM
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Originally posted by jefwane
I concur with OBE1 and others, this is notable but not really that big of a deal. Getting things on a double blinded exchange w/ enforced margin supervision is always a good idea.

Why can't they force CDS which trade OTC onto a similar exchange? That I'd really like to see
.


That would be interesting. But trading CDS on an regulated exchange would probably blow the whole world up financially.



posted on Jun, 19 2011 @ 07:58 PM
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reply to post by Byrd
 


Thanks for this clarification Byrd.

Nowadays, nothing is a surprise to me. Its like living in the Matrix and waking up new everyday.



posted on Jun, 19 2011 @ 08:53 PM
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I guess i'll be an illegal precious metal dealer hustling that bullion by the corner bodega. I got those ounces cheap...hit me up!



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