Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15 for US Residents

[stockholmer]

http://www.zerohedge.com/article/trading-over-counter-gold-and-silver-be-illegal-beginning-july-15

One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind.

From: FOREX.com <[e-mail]>
Date: Fri, Jun 17, 2011 at 6:11 PM
Subject: Important Account Notice Re: Metals Trading
To: xxx

Important Account Notice Re: Metals Trading


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.

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.

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.

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much more at link above

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Executive Order 6102

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.

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Massive systemic economic failure looms closer by the month.

[BeFree]

1. Prices will go down, right?

Can I still sell my gold teeth after that date?

[Drale]

2. Wait so what if your a coin collector

and your collection is worth a ton of money?

[Art_from_Ark]

18. This apparently affects futures of PAPER silver and gold

Not the REAL kind that you buy at your friendly neighborhood coin shop.
Basically, it seems like they want to weed out a lot of the players in the futures markets.

[aquart]

3. So Glenn Beck would have had to go off the air anyway?

[RaleighNCDUer]

4. I wonder how this will affect the sales at 3 AM of the commemorative coins

guaranteed to be coated with 100% genuine 14 carat gold leaf!!!

(edited for missing exclamation points)

(re-edited for calling exclamation points exclamation marks)

[ClarkUSA]

5. Thank you, President Obama! Your signature push for Wall Street reform strikes again.

No wonder Wall Street traders and the Koch Brothers hate you.

[Curmudgeoness]

6. What happens to all the people who have gold or silver now?

Apparently it will be worthless if no one can buy it.

[Curmudgeoness]

7. I just researched this. They are not going to stop the sale

of gold/silver. What this law will do is stop people from "over the counter" trading of gold/silver. This is different than possessing actual precious metals and selling or buying them. It is to stop companies who are selling "certificates" for gold/silver. Many of these companies are actually selling more certificates than they have the metals to cover.

[MineralMan]

8. There you go. I can't imagine buying paper from a company

that promises that I own some gold. If I were to buy gold, I want the gold in hand.

This sounds like a good consumer protection measure to me. I don't trust goldbuggers, anyhow.

I don't hold any gold of any kind. My wife, on the other hand, has a bunch of it, in wearable form.

[KharmaTrain]

17. Cuts Down The Speculating...

When you can buy, sell and trade on "futures" that opens the door to those who want to manipulate the price to do so. They'll come in with one large buy to start driving the price up and then sell quickly when they hit their price. This is long overdue but I'd prefer to see more attention paid to energy futures like oil. Maybe we'd pay far less than the $4.05 that I saw this afternoon.

[mistertrickster]

9. Thank you. Once again the fear is misplaced. nt

[nichomachus]

11. Thanks -- I tried to research it and

all the breathless "you'll never buy gold again" talk was on winger sites, teabagger sites, and freeperland.

[Curmudgeoness]

16. Actually, you will not believe the first place I found the truth

was in freeperland. How I ended up there is beyond me, but they had a very long discussion going with lots of bashing of Obama for taking our freedom away. After what felt like hundreds of rants on this, I hit on some people with some sense and who seemed to know the details. I went from there, but I must thank someone who is a Freeper for that first sense. I think I feel sick and dirty about even being on that site.

[Dawson Leery]

15. Never, ever buy gold/silver certificates.

If you opt to buy, take physical possession of the metals. There are too many dishonest people in the business.

[sendero]

19. +1000

... there are all kinds of shenanigans going on with respect to "paper" metals. Being ripped off in one way or another is a definite possibility.

[struggle4progress]

10. The Dodd-Frank Act encourages certification that gold is not being extracted under bloody conditions

Executive Order 6102 is ancient history; it was superceded by the Gold Reserve Act of 1934

[nichomachus]

12. We should also certify that oil is not extracted under "bloody conditions"

But that would put a dent in our gas guzzling

[toddwv]

13. Apparently a hoax.

The same thing was bandied about last October.

There's no indication that Dodd-Frank bans OTC precious metal trading.

[Liberal_in_LA]

14. seriously?