Dodd-Frank could lock Americans out of gold (brokers, trading, commission)

[jtur88]

The Dodd-Frank act could open the door to such strict regulations on gold trading, that it would make it nearly impossible for investors or speculators to re-sell their gold. Present regulations would have little effect on private investors, but arbitrary directives under the 2010 law could bring a virtual end to Americans access to gold trading. The bill could be used by the Treasury Department to require that every American trying to sell gold would be required to prove that not a single atom of his gold originated in Africa.

"Section 1502 of the Dodd-Frank Act amends Section 13 of the Securities Exchange Act of 1934 to impose a new reporting requirement on publicly traded companies that manufacture products for which “conflict minerals” are necessary to their functionality or production.

"A little-discussed provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), which President Obama signed into law on July 21, 2010, will require many manufacturing companies to submit a new annual report and, in some cases, an independent private sector audit report, to the U.S. Securities and Exchange Commission (SEC)."
McDermott - Newsletters - The

Here is some more in these interviews:

YouTube - Conflict Minerals: Is the Industry Ready?

[mortimer]

Originally Posted by jtur88

... would make it nearly impossible for
investors or speculators to re-sell their gold.

U.S. investors.

Not so much the miniscule population of investors in Europe, China, India, et. al.

Originally Posted by jtur88

The bill could be used by the Treasury Department to require that
every American trying to sell gold would be required to prove that
not a single atom of his gold originated in Africa.

That would be impossible to prove.
Therefore, it sounds impossible to enforce.

One of the things you always read in sales brocures regarding
gold is that some of the gold in your ring could have once
belonged to a ring once owned by Cleopatra or some such.

[eskercurve]

It doesn't sound like the article conveyed the law right.

Basically the intent of the law is to prevent people from trading in conflict minerals from Africa. So, basically individual investors will have to prove where they bought the item from didn't get it from Africa or through blood money or something similar if trying to go to an certified reseller or agency.

Not like they could prevent individuals from trading among one another. It would drive a lot more people to "official" brokers in gold that have been certified by the US Mint.

[User554]

Impossible to enforce?
We wanted to make you aware of some upcoming changes to FOREXs 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 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.