Gold/Silver OTC trading illegal for US residents after July 15, 2011?, page 3

reply to post by Exuberant1

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How so? Nothing says you have to report it...except the US Tax code even that is 'loose'. This is only for leveraged trading of over 10:1.

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.

I read this as modestly bullish also because some of those buying paper XAU/XAG as a longer term investment may be funneled into the physical market, but overall, Forex participants are predominantly short-term oriented traders. I think this could result in more liquidity and trading volatility headed to the "regulated" Comex Exchange...and Spot price tracks the paper Comex price. To borrow a phrase from Jesse: it looks like a crackdown on speculation by smaller specs in off exchange products and push to move them to exchanges. - Link

www.dodd-frank-act.us...


not sure if it's been posted before, but here is said section in question.

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 Residents

edit on 18-6-2011 by Dbriefed because: (no reason given)

Most people DO NOT realize that WE/they are NOT "U.S. citizens", but American nationals. American nationals can still buy over the counter or online, but you MUSY KNOW what to say, If you DO NOT deny and exclude yourself from the 14th Amendment, then you are consenting to being a "U.S. citizen", It is ALL terms of art, fictitious "persons" are "U,S, citizens" by consent through "assent", non- denial,

Time to wake everyone up to the fraud perpetrated upon us.

reply to post by boondock-saint

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yes and no; it will prevent you from saying/ asking for Oz price value but it will let you buy 20$ worth of gas for that 20$ gold piece. 20$ gold piece is an OZ of gold, but you can not ask for the $1,515 in change.

reply to post by soconfused

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no they can still sell it as jewelry, the can not sell it a money or act like it is, they might not be able to say it is an investment.

and here is what the EPJ says about it www.economicpolicyjournal.com... i feel it worthy to post the letter in full for you can read it here in case it gets pulled by the TPTB

Forex.com has sent this letter to its clients (Via Lew Rockwell and Zero Hedge):

From: FOREX.com
Date: Fri, Jun 17, 2011 at 6:11 PM
Subject: Important Account Notice Re: Metals Trading
To: xxx

Important Account Notice Re: Metals Trading

ok i am one

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.

come and gone

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.

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

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.

so do you get your 1546$ an oz or do you get what they think you should get X per OZ

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.

Sincerely,
The Team at FOREX.com

well the you have it and with my 2 cents added in, wonder if the price will open at say 500$ an oz Monday?

reply to post by Dbriefed

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Being overseas for the time being, I am still going to buy all the gold and silver that I can.

This ruling can go pound sand.

one more item will this cause a big fall of the price of gold; one big sell off, just so you do not get fined or imprisoned for having it after the dead line. Here is a link to see what happens www.kitco.com...

WASHINGTON, D.C. — President Barack Obama today banned private ownership of more than a quarter ounce of gold, saying the move was necessary to revive the economy.

"Wealthy Americans are bailing out on the economy by taking their money out of circulation and hoarding gold," Obama said as he signed an executive order reminiscent of Depression-era President Franklin D. Roosevelt's ban on the possession of gold. skinnyreporter.com...

So everybody told Americans, even Alex Jones did, tu buy GOLD GOLD GOLD. Now Obama comes and steals it from you, which means, you have lost a tremendous chunck of your wealth and gave it, to whom? In end effect probably to ISRAEL!

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