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View Full Version : Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15



megimoo
06-18-2011, 07:37 PM
Important Account Notice Re: Metals Trading We wanted to make you aware of some upcoming changes to FOREX.comís 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...


http://www.zerohedge.com/print/410025

fettpett
06-18-2011, 09:01 PM
thats some bullshit right there

Tecate
06-19-2011, 06:45 AM
This doesn't have a thing to do with buying or selling gold or silver bars and coins (cash and carry) in person from a coin dealer. It involves open positions that involve leverage and margins. Read the article carefully.

The title of the article is extremely misleading with use of the words over the counter (OTC).

Apocalypse
06-19-2011, 09:13 AM
I have to agree with Tecate, its a deceptive article.

The Dodd-Frank act part that the article is discussing, is not going into effect on July 16th, (Article says July 15th, more as their last day) but has been postponed until Jan 16th 2012. The rules are being adjusted and weekend to accommodate traders. And there are exceptions in those rules. Biggest one is as long as the trader is supervised by ether the CFTC or other regulatory agency.