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

Originally posted by Byrd

Originally posted by PaganArchangel
This can't be for real (I mean it could be I'm just dumbfounded)....
No OTC precious metals buying for the regular folks after 1700 on July 15, 2011?!
Ok, now this is disturbing.
I have never lived in a time in this country where I couldn't purchase gold or silver OTC.
I have even more of a feeling that something is very, very wrong here.
It will be interesting to see what the general public thinks about this (when it gets around the grapevine).
Yikes.

I think folks are completely skipping the "over the counter" part of the statement.

That means stocks, bonds, other debt securities. Definition of "over the counter" is at this link

It doesn't mean the metals.

Some Forex trading (some of which have been shut down for trading in imaginary gold), some other stock type investments offered by private firms are affected.

It doesn't affect my silver coin collection. It won't impact my ability to buy silver coins today or next week or ten weeks from now. I can still buy or sell 1923 minted $20 gold St. Gaudiens coins. I can buy gold Kuggerands (if I can find them.)

It does shut down some of the shadier "over the counter" (sort of "over here on the unregulated market where the big guys aren't going" deal) of "shares of gold."

Well that's okeedokee.
I always though trading precious metals on paper was a little funny anyway. If I have a precious metal I want it in my possession.
Forget that "virtual" stuff, lol
So Jamie Dimon is concerned about the cumulative effect of "300 rules".
Oh, I feel so sorry for him (sarcasm)
Him and his buddies should have though about the cumulative effect of goofing up our economy.
Screw Jamie Dimon.

Zerohedge is not to be trusted. Period. They are a bunch of fear mongering market manipulators.

Originally posted by PaganArchangel
I always though trading precious metals on paper was a little funny anyway. If I have a precious metal I want it in my possession.

That was actually my opinion as well.

I was around in the investment community when Forex trading began, and there were a LOT of scams going on. It would be billed as a "money game" and people would be asked to invite their friends and the ones who did made a nice profit. However, these were classic pyramid scams (some ran out of Russia, some out of Scandinavia -- I was with a White Hat pack of scam hunters back then and we used emails and so forth and found that the "businesses" were actually "some guy with a computer and a pyramid scheme." Most of them folded but there are some that are kind of "marginal" in my opinion.

Forget that "virtual" stuff, lol

Yes indeedy!

reply to post by Dbriefed


Because these metals will be worth so much money, the feds need to keep this regulated.

I don't understand, If they make trading gold illegal.... wouldn't that make it worthless? Besides it being used in electronics, its pretty much worthless anyways, the only value it has is what they say it is. so if i can't do anything with it, they just made its value drop....

If anything, the CME ( Chicago Merc. Exch ) has laid its foot down and forced all activity to go through their venues. This is essentially what is happening to USA Forex as well. The leverage has gone from 500:1 -> now 50:1 max. They say this is for the consumers "benefit". Laughable.

They basically want you to only trade EUR Futures through CME and then trade gold and silver through CME as well. Basically a huge push towards this is happening currently.

I personally wouldn't think this is a bad idea at all, in fact trading futures contracts are BY FAR beneficial to trading these OTC markets ( FX ) but at the same time the minimum margin requirements are close to 100x more to play in the CME.

How can one talk it down or say, its only for trading in paper gold etc., when it clearly says: "Privat residents of the USA may not posess more then one quarter ounce of gold" ???

reply to post by CarlitosAmsel


It's because it is a lie, it is not true.

How much per ounce does a bullet/round go for nowadays.

That will be the next currency if things keep going the way they are.

Let's see. I propose the following.

.50 cal BMG = $100

.338 Luapua or similiar = $50

7.62x51 NATO = $10

30.06, 7.62x38, 5.56 and all other common center fire = $5

10 rimfire rounds = $1 or 10 cents a peice.

Originally posted by ohhwataloser
I don't understand, If they make trading gold illegal.... wouldn't that make it worthless? Besides it being used in electronics, its pretty much worthless anyways, the only value it has is what they say it is. so if i can't do anything with it, they just made its value drop....

Gold has had value for the last 6,000+ years. NOTHING a government says will change that. Why is gold worth what it is? Because even with all out technolog it is VERY tough to find...even tougher these days as all the "easy" gold has been picked up.

Listen closely at 0:20


I have not met a person yet who's eyes don't get big when I put a 10 ounce bar of PURE gold in their hands. It's as if insticts take over. If you ever believe your gold is worthless, come to me Ill give you something for it.

reply to post by beezzer
the gold you just bought is at x amount per oz yes?? then the real value is what 20$ on the face of the coin??? so you have 20$ per x) number of gold gold pieces. not the oz price.

Originally posted by OhZone
Are we going to let them get away with this?
What can we do?

First, deny ignorance.

You will still be able to trade gold and silver futures on the COMEX, part of the Chicago Mercantile Exchange.

For example, you can open an account at MB Trading or Interactive Brokers.

"over the counter" is a technical term in the financial industry.

Some folks are saying this only has to do with traders and/or banks and I'm ok with that assesment. They are not however, saying anything to counter the supposed statement by Obama that Americans cannot own more than a 1/4oz of gold. Soo...what's up with that?

Originally posted by bekod
reply to post by beezzer

 

the gold you just bought is at x amount per oz yes?? then the real value is what 20$ on the face of the coin??? so you have 20$ per x) number of gold gold pieces. not the oz price.

Well, 20 dollars in gold still trumps a paper note. Thanks though, for replying.

reply to post by Dance4Life
keep saying that when they come knocking on your door for the gold you have, or try to sell it at oz price my Great grand folks went through this back in 33-34 and i can tell you that it was not nice how the feds threatened them with prison time and or fines, i think it was 10,000$ per oz if they did not turn it over, they did hand the gold over.

Originally posted by bekod
reply to post by Dance4Life

 

keep saying that when they come knocking on your door for the gold you have, or try to sell it at oz price my Great grand folks went through this back in 33-34 and i can tell you that it was not nice how the feds threatened them with prison time and or fines, i think it was 10,000$ per oz if they did not turn it over, they did hand the gold over.

T'is why I also buy gold at pawn shops.

And not to sound too extreme but when "they" ask for gold, some may provide lead instead.

reply to post by Redwookieaz
1/4 0z of physical gold that is a 5$ gold piece, so yes they he is going by the 1933-34 ban on gold, you can have it just do not try to sell it say you have it or try to have it insured. this too shall pass wait 20 years and then dig it up and sell it.

Originally posted by Redwookieaz
Some folks are saying this only has to do with traders and/or banks and I'm ok with that assesment. They are not however, saying anything to counter the supposed statement by Obama that Americans cannot own more than a 1/4oz of gold. Soo...what's up with that?

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

See my post, previous page.

Carlitos posted something back on page three with a link to "skinnyreporter". It was a spoof, much like you might see in the infamous "Onion".

Lots of people took it seriously. It's not true.

JR

reply to post by mbkennel
wrong here is the Forbes article on this, and what FDR and obama have done blogs.forbes.com... I find this one paragraph most interesting, from the link

In retrospect it seems astounding — and brazenly unconstitutional — that in 1933 a U.S. president could wield such power and by a mere pen stroke criminalize the private ownership of any asset, let alone an asset so crucial to one’s life and the nation’s economic prosperity as sound money. The U.S. dollar had been on the classical gold-coin standard for decades until World War I, when (in 1917) Washington compelled the commercial banks (for “patriotic reasons”) to transfer their clients’ vault gold to the Fed, in turn for mere gold “certificates.” This was a crucial step in politically distancing Americans from their long-valued money.

so if the feds have no gold then what , they need your gold and you it plenty of it and they will get it, it is called theft by deception, i said it now try and stop them from doing this.

Originally posted by beezzer

Originally posted by bekod
reply to post by Dance4Life

 

keep saying that when they come knocking on your door for the gold you have, or try to sell it at oz price my Great grand folks went through this back in 33-34 and i can tell you that it was not nice how the feds threatened them with prison time and or fines, i think it was 10,000$ per oz if they did not turn it over, they did hand the gold over.

T'is why I also buy gold at pawn shops.

And not to sound too extreme but when "they" ask for gold, some may provide lead instead.

Pawn shops are one of my favorite haunts as well.
If on the off chance the Feds start grabbing precious metals from the average folk it's going to raise some serious hackles and questioning of the authorities on a large basis.....I really do hope that it doesn't come to that (I don't think it will but hey, you never know).