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

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...

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.

Originally posted by Dbriefed
"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 have seen a lot of things lately that I never thought I'd see in my lifetime. This is absolutely the sign of an oncoming depression.

My guess is that this is a way to flush out all the people buying physical gold and silver in preparation for the collapse.

And Also...Why is it only US Residents?
RED ALERT: Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15

sgtreport.com...

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.

We aren't supposed to be safe and secure without THEIR say-so.

If you can't use it for trade, how do you get any return on it? Simple...the Govt. will buy it back at THEIR price. Either sell it to them at whatever price they dictate or get nothing.

And again, if this is true, this is the final nail in the coffin of the lowly Citizen.

For example,

Someone buys 20oz of gold at 1,200 per oz awhile back. Nice little investment for retirement. $24,000. Today it's worth $30,000

Next, No trading allowed but the Govt will buy those 20oz back at say, $300 per oz. since it's now worthless to you. In effect wiping out the savings and retirement plans while getting a nice 20oz to sell elsewhere at yet another profit.

Now, take that 20oz and turn into lbs and tons. Nice work.

Again, this is only my conspiracy theory.

To me, this is the telling statement:

"A new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver"

reply to post by Dbriefed
I see no mention of silver, but it does appear that owebowmao plans to seize gold.

I'm skeptical, especially since the Executive Order number is the same as Roosevelts. However they say history rhymes.

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.

Regoogle adding either obama or version 2.

Are we going to let them get away with this?
What can we do?
This is tyranny of the first order, as it was in 1933.
Looks like the sheep will get shafted again.

When the growing mass of the expropriated is permeated by that vague, baffled and hopeless sense of being inexplicably bested, that is the preparatory condition for all great revolutionary movements.

Originally posted by sonofliberty1776
reply to post by Dbriefed

 

I see no mention of silver, but it does appear that owebowmao plans to seize gold.

Right here:

www.zerohedge.com...

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.

reply to post by Dbriefed


Thanks for this important post! This is REALLY BAD NEWS if it's true! WOW!!!
That's another aw **** for us! I'd buy INBEV or what ever they are called now but the dollar isn't worth anything and if it goes to zero now too, the stock isn't worth anything unless you can get it in a different currency like Canadian! This really is BAD! Our dollar is crap, our stock is crap and now we can't buy gold or silver either.
If you have any money in US get it out NOW and Seriously get some Canadian Loonie! That is one of the best solid currencies out there. You sure don't want US anymore! Not on the heels of this!

When times are GOOD people drink.

When times are BAD they drink MORE!!!

This looks like a MORE situation to me with or without the stock!!! Stay Safe Everybody !

From Forex.com: 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. 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

'

well your goose is cooked this is it financial collapse the police state will kick into overdrive bet your gonna wish you had stood up sooner when the walls go up.

reply to post by OhZone


they always get away with everything, we never do nothing like always

I encourage you to lift your middle finger to the government and trade in precious metals as much as you like. It will be worth a lot more once it is illegal anyway.

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)

Are you sure that this is so? Everbank hasn't said anything about this, and wouldn't they be affected? Aren't they still selling metals products?

Wouldn't surprise me if there was pressure from JP Morgan to do something like this - everyone is aware of their shorts on silver and that they are really vulnerable to people buying decent amounts of physical silver.

It would be in their interest to stop as many people as possible from putting them further into the #.

reply to post by Dbriefed


according to the constitution nothing but gold and silver will be the standard. I think?

Ummm...can someone clarify this for me?? So on July 15th 2011 I will no longer be able to sell my silver bullion to a pawn shop.. or order silver from APMEX.com.. or buy or sell any physical silver from anyone from that point on? If I am comprehending this correctly this is some serious S***.

I just got an eamil from FOREX:

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.

What is going on here??

If this does come into affect won't it cause a panic?
or am I being dumb? as this seems a major move, something enacted in times of real economic emergency!

This helps explain it

"Elimination of OTC Metals"

As for OTC precious metals such as gold or silver, Section 742(a) of the Act prohibits any person [which again includes companies] from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis. This provision intends to expand the narrow so called “Zelener fix” in the Farm Bill previously ratified by congress in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transactions without the need to prove that they are futures contracts. The Dodd-Frank Act now expands this authority to include virtually all retail cash commodity market products that involve leverage or margin – in other words OTC precious metals. ...

This only involves leveraged or margin trading.

Anyway, why would they decide what is worth money.
All those billions they have are just numbers.
We allow them to rape us from our resources.
Because, we decided that what they have is worth something.

Don't let yourself be brought down at the same time.
They deserve to fall, we don't.