US Residents Prohibited From Trading In Gold And Silver As July 15th.

www.lewrockwell.com...
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.

reply to post by gem_man


Does this mean it will be illegal to sell your gold and silver at say a coin dealer or pawn shop?

If I read correctly, you have to have over one million dollars in order to qualify to trade, this applies to individuals and companies. What are the people that own gold and silver going to do?
This is not right, since the beginning of history we were able to trade metals, now it's illegal?

Does this mean the commercials about buying gold is going to end?

Is this for real?

Edit:

Here is the Dodd-Frank Act and here is another Link discussing this ACT.

At first I thought it was a hoax until I read the darn thing, the whole "law" is full of things that have huge implications, you have to read it, its called Dodd-Frank act.

thread going on about this

www.abovetopsecret.com...

reply to post by Elieser


It was sponsored by Barney Frank and Chris Dodd, as the name implies. That says it all. Recall, Frank had a role in the whole Fannie and Freddie debacle as head of the Finance Committee in 2003.

come try to take my pms

this is why aside from gold and silver




YOU SHOULD BE BUYING CERTAIN FORMS OF LEAD

reply to post by gem_man


Is this constitutional??

Does the Fed even posses the power to enforce this?

I highly doubt it..

This does not include the physical markets, ETFs, Funds, stocks, or any other finacial instrument that I leveraged less than 10:1.

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

Forex leveraged 50:1 or even 100:1 which are derivative's that are written on non existing goods. Perhaps what Mr. Buffet (Warren not Jimmy) is refering to as:

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.

For those of us owning phsical gold/silver this may be is a good thing. This will cut the overleveraged trading that helps cause violent price swings. I would love to see $50 silver...just not in one month only to drop like a stone. I want stability in my precious metals. The volitility should be in the currency (inflation) or supply/demand of the metal, not a JP morgan short squeeze.

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 gem_man
www.lewrockwell.com...
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.

I've been saying this all along, people won't learn.I find this absolutley hillarious, history is repeating it's self.I don't feel sorry for the greedy suckers at all.I have always said when the SHTF that if someone said to me, I'll give you a ton of gold for your loaf of bread,that I would say no thanks I can't eat gold.

Well done OP, this is probaley the greatest story going and nothing in the media should tell you something is coming on the back of this and alarm bells should be ringing .

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

Not a very good one and not for much longer.Secondline

reply to post by gem_man


Well for starters this is not new, as it was signed into law July of 2010.

H.R. 4173 Govtracker

Ive looked throuhg the summary and I am not able to find anything reference a Section 742.

Also, it references an Executive Order. An EO is law only for a government entity that operates under the Exutive Branch of Government. Nothing in an EO is offically a law for a private individual, as an EO is not legislative. A valid law that pertains to the people can only be passed by the legislative, NOT the executive.

There are a few referencesw here that dont exist in the legislation.

Is anyone even sure that this is real? This looks like nothing more than a scare / fear mongering email using a law that does not reference any of the claims bing made.

Or have we moved beyond verification now to absolute believe whatever is posted if its anti government?

The legislation in question starts at section 1000. There is nothing in it that comes close to a 743.

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!

www.stansberryresearch.com...

Don't panic buy more silver and gold. Especially silver because the price has been suppressed for a long time silver should be trading at 20:1 of the price of gold buy silver now!! You are running out of time..

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!

www.stansberryresearch.com...

the Frank-Dodd legislation does not do what the op source claims. There is NO section 700 anywhere near the legislation, which starts out at 1000.

An executive order cannot create a law that affects everyday citizens. An EO ONLY applies to government entities that are directly under the executive branch.

before we go down the doom and gloom fearmongering, how about people actually research to find out why this email is going around with false information in it.

Please add any comments to the existing thread found here...

www.abovetopsecret.com...

Thread closed.