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Originally posted by QuantumDisciple
For those of us owning phsical gold/silver this is a good thing. This will cut the overleveraged trading that helps cause violent price swings.
Originally posted by Dbriefed
Looking at posts on Zerohedge and other sites, it seems gold and silver trading will be illegal after July 15.
Is this correct?
I see quotes similar to this:
"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. "
I also see references to Executive Order 6102, part 2.
Here's the link: www.zerohedge.com...
edit on 18-6-2011 by Dbriefed because: Changed Citizens to Residentsedit on 18-6-2011 by Dbriefed because: (no reason given)
ok i am one
Forex.com has sent this letter to its clients (Via Lew Rockwell and Zero Hedge):
Date: Fri, Jun 17, 2011 at 6:11 PM
Subject: Important Account Notice Re: Metals Trading
Important Account Notice Re: Metals Trading
come and gone
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.
ok that leaves me out for i do not want to be fined or worse, see the 1933 act and what happened to them did have gold, were are ..well you know
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.
so do you get your 1546$ an oz or do you get what they think you should get X per OZ
We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated.
well the you have it and with my 2 cents added in, wonder if the price will open at say 500$ an oz Monday?
We sincerely regret any inconvenience complying with the new U.S. regulation may cause you. Should you have any questions, please feel free to contact our customer service team.
The Team at FOREX.com
Originally posted by PaganArchangel
WTF is going on here?!