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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 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
But Mr Buffett argues that such highly complex financial instruments are time bombs and "financial weapons of mass destruction" that could harm not only their buyers and sellers, but the whole economic system.
Originally posted by gem_man
The Dodd-Frank act passed by congress prohibits the over the counter trading of ALL precious metals. FOREX must cease trading in the US as of 5PM July 15, 2011. All open positions must be closed by then. Not sure if this affects coin dealers as yet but a new regulation preventing coin dealers from selling gold or silver coins could happen at any time. The next step COULD be confiscation like the government did in the 1930's.
Originally posted by viperdave
ok im a coin dealer and havent heard anything about this
i just skimmed the wikki link to this and it doesnt say anything about privatly owned gold
correct me if im wrong
Originally posted by Char-Lee
This is very long but it explains especially the end of it the dollar is going to crash and people need to have gold/silver at this point...so if they stop that then no way to keep investments safe. They may end up at some point confiscating precious metals from citizens who knows!