Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15,
. . . . Keeping up with the news. This is a precursor to - what?
I didn’t see satire as one of the keywords, like I was hoping. Horror?
Barry will be making a big mistake if he tries to confiscate our gold in July.
Well, at least it still is ‘the home of the brave.’
GLD?
This appears to be one fund manager’s opinion.
As they say,
“The prohibition of Section 742(a) does not apply, however, if such a transaction results in actual delivery within 28 days, or creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver, and accept delivery of, the commodity in connection with their lines of business.”
Nothing better than black-market Gold. Whatever..........
Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15,
. . . . Keeping up with the news. This is a precursor to - what?
Now you see why Zero-Pelosi-Reid passed all the legislation with future dates ... to spread out and soften the bad news. The MSM and at least half the voting public is too stupid and has an attention span less than Big Bird. They figured that it would take years to realize what was going on and probably impossible to reverse it even if they lost control of Congress and/or the presidentcy.
I haven’t gotten a similar email from my forex dealer (Oanda). Maybe one is coming, but I don’t see how this law obviates any forex or spot PM contracts.
By stating that over-the-counter trading of gold and silver is illegal, does this mean I can’t walk into a coin dealer and cash out a roll of silver eagles?
Heads up
Why is it that all of the absolute worst laws seem nearly always to come from leftist Democrats?
trial balloon...if it works they will impose something similar on oil futures, corn futures, etc.
Gee...what a surprise. Dodd and Frank...two of THE most corrupt Democrats in the history of America.
I’m thinking we need a miracle or divine intervention right about now.
See Gold & Money In America, II.
For thousands of years, people have used gold & silver to protect themselves from political monetary manipulation, intended to tear away the fruits of their labor and ingenuity. That is why the Founding Fathers, whose accomplishments Obama set out to "change," forbad the States from making anything but gold & silver a medium for the discharge of debt.
If this is true, again, it forshadows a hastening of the pace towards the achievement of the Obamanists' proclaimed goal. Do they also intend to cancel the 2012 election? The Constitutional mandate for the one is no clearer than that for the other.
William Flax
“There is an exemption for commodities which are actually delivered within 28 days.”
So this is reference to commodity contracts only. Sounds good, as it should limit companies from selling silver/gold that they don’t actually have. Prevent them from selling you silver/gold that they are unable to deliver.
This is not a bad thing.
Forex’s response is probably more a matter of limited gold/silver supplies. If they are not sure that they can deliver the physical commodity within 28 days, then certainly customers should reconsider doing business with them.
If congress is passing laws you know that they are planning on limiting your freedom. There just havn’t been enough government shutdowns. If the market for gold and silver for private citizens will become illegal, will the government stop minting gold and silver eagles? They recently starting minting silver eagles in San Francisco. If the PM safe haven becomes illegal its going to be a game changer.
Lemme get this straight. If I found a gold nugget out in the back yard, I can still sell it. If I found a silver dollar on the sidewalk, I can still sell it. If I found a dollar bill in the couch, the government still promises to pay me in gold for it. If I had a gold bond, I can sell it. Is that correct?
This law is to stop companies from selling you something on paper and not delivering it within 28 days? IOW, you may own paper but not the gold?
What exactly is this FOREX thing?
Stack physical gold and silver. This new regulation doesn’t prevent you from doing that. When the US$ collapses you will be king of your neighborhood.