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I think it's a carefully conceived plan. Keep the Gold and Silver out of the hands of the commoners moving forward .... and as the financial situation continues to deteriorate, those that currently have gold and silver will be forced to liquidate it to survive ... that way, the more overt act of confiscation (like FDR did) won't be necessary.
And the sheeple will buy the story that this action is to regulate the crooks, rather than realize that it's the crooks behind the bill.
oh please
they dont need a law to keep it out of the hands of 'commoners'
FCS its at around 1400-1500 a troy ounce...not many commoners can afford too much of that
Except that it is not, and will not, be illegal for Americans to own gold or silver and your entire OP is a lie.
Then explain the e-mail sent by FOREX to all it's clients...
Quote:
Originally Posted by HC475
From: FOREX.com <info@forex.com>
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.
The e-mail, like your OP, is a lie. You might want to actually read Section 742 of the bill before you buy into their scams.
Wrong... see post #18
Quote:
Originally Posted by GuyNTexas
What you and many others don't understand here is that the language and the intent or advertised purpose of the bill aren't consistent ... and as the old saying goes ... the devil is in the details.
You and others may not have experience with purchasing precious metals or the market in general (as I have) ... and there are two obviously problematic elements of this bill that are very concerning ....
1) The 28 day delivery requirement - aside from buying a coin or two as a collectible is a big problem .... making significant bullion purchases have been running 4 to 6 to even 12 weeks estimated physical delivery times for the past 2-3 years due to short on hand supplies.
It's not at all uncommon to have a minimum 6 week estimated delivery time on quantity bullion purchases. Many transactions are handled in such a way that you order ... say .. 4 monster boxes of sliver eagles, and the dealer then orders that quantity from the US Mint. Then they have a 30 day window just to receive the silver from the US mint after they order it, and then turn it around and ship to you, the buyer. NFW can they meet a 28 day requirement in that case.
2) The bill prohibits the OTC transactions with those involved with leveraged or margin accounts ... and good luck finding any dealer with access to significant amounts of Gold or Silver Bullion in that isn't ... most all of them get supplies from "pool accounts", which could easily fall within that definition. They all are .. save for the little local coin shop or pawn shop.
Now the declared intent of the bill ... stopping speculation and leveraged accounts ... would be a GOOD thing ... if that is what could be reasonably expected as an end result ... but that's not going to be accomplished with this bill. The most likely result will be a negative impact in the ability of the average guy to invest in Gold and Silver in any meaningful quantities, because dealers with access to such investment level quantities for which to sell will either be involved in leveraged accounts and or will have difficulty guaranteeing delivery within the prescribed 28 day requirement.
What this is, is another feel good, sound good, fraud ... just like efforts to restrict access of criminals to firearms. The only persons affected are the law abiding citizens, while the criminals aren't the least bit affected.
And you can bet that this bill will not even slow down the leverage schemes and margin based speculation that has made the precious metals market so fouled up, because most small private investors aren't the ones manipulating the market with these tactics to begin with ... that would be JP Morgan, and Goldman Sachs.
What this Bill is, is just another "Bill of Goods" being pawned off on the public by the criminal critters in congress, as a step toward cutting off the average American's access to precious metals that is the last remaining vehicle to protect their assets from inflation and a failing dollar.
One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind.
From: FOREX.com <info@forex.com>
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.
I wonder if the price of gold and silver will double or triple if this comes to pass?
It looks like that's the plan... Silver is about to make a run...
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