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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 @ 01:26 PM
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reply to post by JR MacBeth
 
Makes sense to me


reply to post by bekod
 


Thank you both for your responses




posted on Jun, 19 2011 @ 01:30 PM
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Originally posted by TDawgRex
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.


Dang...lead gets that spendy people won't be able to afford to shoot each other (that may be a good thing).
Unfortunately, we will find something else to kill each other with



posted on Jun, 19 2011 @ 01:36 PM
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reply to post by Redwookieaz
 
your welcome after reading some or the law as seen here www.opencongress.org... it seems it has far reaching law/ rules than just gold and silver it has to with Ins, 401k's and any investment you make, how far will this go ??? this might say you can not own XXX$ in a foreign currency for monetary gain,that might explain why the Ins bis is now under SEC regs.


edit on 19-6-2011 by bekod because: editting



posted on Jun, 19 2011 @ 01:36 PM
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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.



posted on Jun, 19 2011 @ 01:37 PM
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Silly people worry about the value of gold.

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

You cannot eat gold. You can starve from lack of food or die of thirst.

How much long term food storage and emergency water have you "gold bugs" put back?



posted on Jun, 19 2011 @ 01:38 PM
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The best 'money' is ammo, traded anytime TSHTF. Can't eat metal like gold or silver, Seed banks will be worth more than gold ever could be.



posted on Jun, 19 2011 @ 01:39 PM
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Originally posted by romanmel
Silly people worry about the value of gold.

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


Yeah, what if.

What if you are actually serious. What if then.



posted on Jun, 19 2011 @ 01:43 PM
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Originally posted by Plotus
The best 'money' is ammo, traded anytime TSHTF. Can't eat metal like gold or silver, Seed banks will be worth more than gold ever could be.


TSHTF many times in the history of mankind. Never once has gold become worthless during those times. You will likely be able to buy seeds from someone with gold because it is likely that a seed vendors will want to buy something you do not have to offer him.

For example, he may not want your wife for seeds, he may already have several wifes but your wife is all you have to offer, except for that wedding ring of gold she bares. What the seed vendor wants is a Combine to help him harvest his wheat for more seeds he can then sell. The man selling a Combine wants to build a Baazar and need many items from many different people. Are you starting to see where this is going?
edit on 19-6-2011 by QuantumDisciple because: (no reason given)



posted on Jun, 19 2011 @ 01:48 PM
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This only applies to very wealthy people. Trading OTC, you are talking millions per transaction. This applies to trading futures contracts, not to buying physicals.

In 2008, Congress also ordered the US Mint to begin making the America the Beautiful coin series. One of the versions available is the 5oz., 3 inch diameter silver bullion version of this coin. The first year of mintage was in 2010 and this series is wildly popular. This is a 10 year series, so if you are really nervous about not being able to buy silver, then go buy some of these. They are an amazing set, with multiple versions available through coin brokers and some directly from the US Mint. Look on the calendar of releases while you are at the US Mint's website, they still have a lot of gold and silver products in the pipeline for this year.



posted on Jun, 19 2011 @ 01:49 PM
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reply to post by PaganArchangel
 


Well, there are always rocks and clubs.


Maybe Beenie Weenies will be the new currency.
edit on 19-6-2011 by TDawgRex because: (no reason given)



posted on Jun, 19 2011 @ 01:50 PM
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reply to post by Plotus
 


Ammo is no good because you can only carry so much of it. You are better off getting a nice knife if you are interested in survival. You are going to have a better chance robbing someone of their ammo with a knife than with an unloaded gun.



posted on Jun, 19 2011 @ 01:57 PM
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Originally posted by Dbriefed
I'm not sure this is completely accurate. A wikipedia search found the same Executive Order 6102 from Roosevelt.

en.wikipedia.org...

Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates" by U.S. citizens. The order criminalized the American public's ability to own gold as an investment vehicle.
[/quote

Yeah, then the government forced everyone to sell their gold back to the government at a really low government set rate. It was extortion and it seems like everyone in America liked getting raped and is excite to get it again.



posted on Jun, 19 2011 @ 01:59 PM
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Infowars.com
Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15
www.prisonplanet.com...



posted on Jun, 19 2011 @ 02:13 PM
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How about instead of relying on 'news' articles from dodgey sources, we actually read the act and draw our own conclusions -

Sec 742(a) -

SEC. 742. RETAIL COMMODITY TRANSACTIONS.
(a) IN GENERAL.—Section 2(c) of the Commodity Exchange Act
(7 U.S.C. 2(c)) is amended—
(1) in paragraph (1), by striking ‘‘5a (to the extent provided
in section 5a(g)), 5b, 5d, or 12(e)(2)(B))’’ and inserting ‘‘, 5b,
or 12(e)(2)(B))’’; and
(2) in paragraph (2), by adding at the end the following:
‘‘(D) RETAIL COMMODITY TRANSACTIONS.—
‘‘(i) APPLICABILITY.—Except as provided in clause
(ii), this subparagraph shall apply to any agreement,
contract, or transaction in any commodity that is—
‘‘(I) entered into with, or offered to (even if
not entered into with), a person that is not an
eligible contract participant or eligible commercial
entity; and
‘‘(II) entered into, or offered (even if not
entered into), on a leveraged or margined basis,
or financed by the offeror, the counterparty, or
H. R. 4173—358
a person acting in concert with the offeror or
counterparty on a similar basis.
‘‘(ii) EXCEPTIONS.—This subparagraph shall not
apply to—
‘‘(I) an agreement, contract, or transaction
described in paragraph (1) or subparagraphs (A),
(B), or (C), including any agreement, contract, or
transaction specifically excluded from subparagraph
(A), (B), or (C);
‘‘(II) any security;
‘‘(III) a contract of sale that—
‘‘(aa) results in actual delivery within 28
days or such other longer period as the
Commission may determine by rule or regulation
based upon the typical commercial practice
in cash or spot markets for the commodity
involved; or
‘‘(bb) creates an enforceable obligation to
deliver between a seller and a buyer that have
the ability to deliver and accept delivery,
respectively, in connection with the line of
business of the seller and buyer; or
‘‘(IV) an agreement, contract, or transaction
that is listed on a national securities exchange
registered under section 6(a) of the Securities
Exchange Act of 1934 (15 U.S.C. 78f(a)); or
‘‘(V) an identified banking product, as defined
in section 402(b) of the Legal Certainty for Bank
Products Act of 2000 (7 U.S.C.27(b)).
‘‘(iii) ENFORCEMENT.—Sections 4(a), 4(b), and 4b
apply to any agreement, contract, or transaction
described in clause (i), as if the agreement, contract,
or transaction was a contract of sale of a commodity
for future delivery.
‘‘(iv) ELIGIBLE COMMERCIAL ENTITY.—For purposes
of this subparagraph, an agricultural producer, packer,
or handler shall be considered to be an eligible commercial
entity for any agreement, contract, or transaction
for a commodity in connection with the line of business
of the agricultural producer, packer, or handler.’’.

Source:

www.sec.gov...



posted on Jun, 19 2011 @ 02:14 PM
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reply to post by bekod
 


I don't think anyone else paid attention to your post. The non bank financial institutions taken into receivership has me worried.



posted on Jun, 19 2011 @ 02:15 PM
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More examples of our Government removing more freedoms from us. Fascinating world, isn't it? Gotta love it.

Peace and happy Father's Day.



posted on Jun, 19 2011 @ 02:15 PM
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reply to post by ommadawn
 



Arrrgghh! My head hurts!


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



posted on Jun, 19 2011 @ 02:19 PM
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reply to post by Christian Voice
 
yea well the saying is " you can led a horse to water but be darn if you can make it drink it" glade some one payed attention to it, thanks.



posted on Jun, 19 2011 @ 02:27 PM
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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 link

Enrolled Bill 383,013 word count 4,478 Changes Show Changes 50%
i 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.
edit on 19-6-2011 by bekod because: text correction



posted on Jun, 19 2011 @ 02:37 PM
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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.




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