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Originally posted by JR MacBeth
reply to post by jaguarsky
With the price of gold artificially high...
Gold is "artificially" high?
Care to elaborate?
Originally posted by Troublesome
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!
Countries such as China, which had a silver standard, almost avoided the depression entirely
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.
Originally posted by QuantumDisciple
This helps explain it
"Elimination of OTC Metals"
... in other words OTC precious metals. ...
This only involves leveraged or margin trading.
edit on 18-6-2011 by QuantumDisciple because: (no reason given)
OTC contracts An over-the-counter contract is a bilateral contract in which two parties agree on how a particular trade or agreement is to be settled in the future. It is usually from an investment bank to its clients directly. Forwards and swaps are prime examples of such contracts. It is mostly done via the computer or the telephone. For derivatives, these agreements are usually governed by an International Swaps and Derivatives Association agreement. This segment of the OTC market is occasionally referred to as the "Fourth Market." The NYMEX has created a clearing mechanism for a slate of commonly traded OTC energy derivatives which allows counterparties of many bilateral OTC transactions to mutually agree to transfer the trade to ClearPort, the exchange's clearing house, thus eliminating credit and performance risk of the initial OTC transaction counterparts.
Specifically, CMC has said that beginning July 29, it will no longer offer nor roll any of its existing gold and silver CFDs. What is curious is that unlike Forex.com, which advised clients it is halting comparable trading on July 25 as pertains to spot OTC products (XAU and XAG), CMC's halt is impacting gold and silver futures.
Originally posted by CarlitosAmsel
There you have it: skinnyreporter.com...
or google by yourself "Executive Order 6102 obama"
Obama bans wealthy from hoarding gold
this i just found after reading from the above link; get the aspirin out if you read it for there is a lot to this and we the people are well... read this for you self www.sec.gov... there is no copy and past allowed so you just have to read it, if some one can copy and past pleas do so
Originally posted by bekod
if any one wants to read the hole text off eh law her it is www.opencongress.org... it is a long one, from the linki would like to know where the other 50% is; Man that is a lot of changes, wonder what the real bill had, or did not have that it has now. Probably need to in law school just to ask.
Enrolled Bill 383,013 word count 4,478 Changes Show Changes 50%edit on 19-6-2011 by bekod because: text correction
this is to take effect on July 15 of this year folks i will add both links to this law here is the bill as voted in congress signed by the pres www.opencongress.org...
A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins. These prohibitions were relaxed starting in 1964 – gold certificates were again allowed for private investors on April 24, 1964, although the obligation to pay the certificate holder on demand in gold specie would not be honored. By 1975 Americans could again freely own and trade gold.
Originally posted by projectvxn
reply to post by OBE1
ETFs can be levered. When you have companies selling ETFs to products they physically don't have it is leverage..(or fraud depending on who you are)
Bottom line: If you understand the "Kimberely Process" which certifies which diamonds are not "conflict diamonds", you have to understand that the process won't stop at the mining source. Eventually all gold will be required to be "proved" that it comes from a non-conflict zone and there is no way that can even be attempted without a serial number on each coin. We are not there, yet. But the program announced by the World Gold Council is sadly another significant step toward the attempt to track all gold. The attempt will be made.