Gold trading ceases July 15

[Phoenix]

Phoenix,

Millions of people have dinar now. The govt is not going to make them worthless if an RV occurs and it becomes internationally traded.

frankc

I never said it will be worthless.

But if you do not qualify as a QEP you cannot exchange them.

That is what the law says.

Those are not my words or thoughts....that is straight from the law.

Phoenix

Edited June 19, 2011 by Phoenix

[The Original Spike]

WOW!!! And the plot thickens.... No new deal in sight... Yeah, FDR set presidence, confiscating gold and silver by making it illegal to for American citizens to own will come next... Corruption against "We the People" knows no bounds. We are dealing with corruption... The government has become its own entity, here to mainly represent its own agendas and special interests, scary stuff. The people need to remove the blinders, but I'm thinking it may be to late, even if the information was made public. The government has been doing things under the table for quite some time.... It's sad really... I don't even know what to say about where I think we seem to be going as a country, and it is really to bad, because we do have so many really good people here, left in the US. Unfortunately, we have many that a bullet would be a waist of resources to eliminate as well... All I can say is WOW... but, unfortunately, I'm not surprised...

[Guerra]

I got the same notice from forex.com, where I have a small account that I trade (about $500). If someone now has to be a qualified investor to trade currencies over the counter, there goes about $25,000 in training and software products. It would not surprise me, though. This government seems on a path to enslave everyone and us little guys have no say in how we can participate.

[Steveruss]

Just cant see it , even if this was true I would think that if you purchased Dinar before july 15th 2011 deadline with proof of purchase I would think we would be ok. The executive order states that americans can invest in the dinar,

[THINK.....]

It appears to be only referring to "leveraged buying and selling"... but I'm with Dalite on this.

This corrupt bunch of thugs in DC are capable of anything.

Folks, it's time to forget about all the petty social and religious issues and vote (without regard to party) for people who love America and are willing to uphold the rights of the people.

If we don't, all the social issues won't matter a whit, because they'll all be decided for us.

Right now, Ron Paul, Rick Perry and Herman Cain are the only ones I know of who even remotely fit the bill.

All three call themselves republicans...though I'd prefer they ran as independents and tell the parties to go to hell.

If Romney or Gingrich or any democrat gets in, it will be no different than it is now.

The Establishment has got to go!

Let's put some common sense back in the white house, and have change for the better, for a change.

[LaGrange]

My broker hasn't sent me **** over this so I'm not buying it. This only applies for non complying entities. My broker is compliant and I am compliant.

Brokers must be compliant with the cftc and nfa. end of story.

Besides, you couldn't pawn your gold watch. Give it a break. lol

Edited June 19, 2011 by LaGrange

[Serenity]

My thoughts but could it be that this law will be enacted because of the world's return to a precious metals standard for currency?...

Edited June 19, 2011 by Serenity

[Bobbysac]

WOW UNFREAKEN BELIEVEABLE

[shellbell]

I have to agree with Pheonix on this. I have rarely agreed with him, but on this it looks like they are setting up new laws to prevent future speculation. That is the only thing I can come up with on why they would pass this law.

[quadraph0nic]

,

[speculatorsRIDE]

Just so we are clear. This law is passed and takes effect on July 15th. Those of you who say you don't believe it or that they can't do this are just a little late. they have done it already. Understand that you can still buy and sell and pawn if need be gold and silver. You just can't trade it on Forex unless you are pre-qualified as an investor. More important is what this law does to our ability to purchase foreign currencies. We will not be allowed to purchase for any other purpose then travel. Is this why Ali got out when he did? Possibly since this law was passed last year. Things are becoming clearer all the time.

For those of you that are saying we should vote Ron Paul into office. Perhaps it is time for you to realize that the American people haven't voted in a president since FDR. The president of the US is an appointed position. Popular vote means nothing. The president is predetermined and our electoral votes ensure that the individual they want in office gets there. Take off the blinders is right.

[Rayzur]

Hopefully this helps to explain the "Elimination of OTC Metals"

With regard to OTC precious metals such as gold or silver, Section 742(a) of the Act prohibits any person/companies from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis. This provision intends to expand the narrow so called “Zelener fix” in the Farm Bill previously ratified by congress in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transactions without the need to prove that they are futures contracts. The Dodd-Frank Act now expands this authority to include virtually all retail cash commodity market products that involve leverage or margin – in other words OTC precious metals. ...

Said differently....this applies ONLY to metals traded on Margin, and is not a restriction provided the transaction is closed within 28 days. (delivered)

This is an anti fraud measure designed to protect the consumer during a volatile trading environment to avoid conflict over price per oz.

Also the Dodd measure does not contain language to any effect reflective of the wording of that email.

Nor any mention of gold/silver coinage bought and sold on the consumer level. Or personal sale.

This basically means that if you purchase gold/silver on margin from companies representing themselves as traders qualified to do such, they must be a legitimate, licensed trading enity....

It makes total sense if one were to trade heavily on margin...... in a volatile market.

And while I have not read the entire law to the letter, I would be interested if one were to find language conflicting with the above.....

Blessings~~~

[haymon]

The government, by the government, for the government, so help ,,,,,,,,,,,, They rule, not us!!

They giveth and taketh away!!!!!

It's your job to hang onto what you have.

Within the laws that are on the books today.

Be ready for them to change tomorrow.

[frankc]

The average guy doesn't use this forex.com site to trade their gold/silver. No worries. If dinar becomes internationally tradeable anyone will be able to buy and sell it. I'm not worried. Too many people own it. D.C. will be burned to the ground if they try this crap. JMHO

I never said it will be worthless.

But if you do not qualify as a QEP you cannot exchange them.

That is what the law says.

Those are not my words or thoughts....that is straight from the law.

Phoenix

Everyone knows a rich guy who will trade it in for you. No problem. Sorry not worried. Any problems, just sail your boat down to Belize or Panama and cash in.

[The Original Spike]

Just so we are clear. This law is passed and takes effect on July 15th. Those of you who say you don't believe it or that they can't do this are just a little late. they have done it already. Understand that you can still buy and sell and pawn if need be gold and silver. You just can't trade it on Forex unless you are pre-qualified as an investor. More important is what this law does to our ability to purchase foreign currencies. We will not be allowed to purchase for any other purpose then travel. Is this why Ali got out when he did? Possibly since this law was passed last year. Things are becoming clearer all the time.

For those of you that are saying we should vote Ron Paul into office. Perhaps it is time for you to realize that the American people haven't voted in a president since FDR. The president of the US is an appointed position. Popular vote means nothing. The president is predetermined and our electoral votes ensure that the individual they want in office gets there. Take off the blinders is right.

yep... Electoral system... Created because, "We The People", are to stupid to think for ourselves... Sarcasm, if you couldn't tell... But it is what most of "them" believe about me and you... Edited June 20, 2011 by The Original Spike

[LaGrange]

Hopefully this helps to explain the "Elimination of OTC Metals"

With regard to OTC precious metals such as gold or silver, Section 742(a) of the Act prohibits any person/companies from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis. This provision intends to expand the narrow so called “Zelener fix” in the Farm Bill previously ratified by congress in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transactions without the need to prove that they are futures contracts. The Dodd-Frank Act now expands this authority to include virtually all retail cash commodity market products that involve leverage or margin – in other words OTC precious metals. ...

Said differently....this applies ONLY to metals traded on Margin, and is not a restriction provided the transaction is closed within 28 days. (delivered)

This is an anti fraud measure designed to protect the consumer during a volatile trading environment to avoid conflict over price per oz.

Also the Dodd measure does not contain language to any effect reflective of the wording of that email.

Nor any mention of gold/silver coinage bought and sold on the consumer level. Or personal sale.

This basically means that if you purchase gold/silver on margin from companies representing themselves as traders qualified to do such, they must be a legitimate, licensed trading enity....

It makes total sense if one were to trade heavily on margin...... in a volatile market.

And while I have not read the entire law to the letter, I would be interested if one were to find language conflicting with the above.....

Blessings~~~

Thanks for clarification. Doesn't apply to me, nor do I know of anyone that isn't. lol

[AoK]

"Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny." Thomas Jefferson

"America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln

"We the people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution." Abraham Lincoln

"... there are more instances of the abridgement of freedoms of the people by gradual and silent encroachment of those in power than by violent and sudden usurpations." James Madison

[David324]

I never said it will be worthless.But if you do not qualify as a QEP you cannot exchange them. That is what the law says.Those are not my words or thoughts....that is straight from the law.Phoenix

If the Dinar RV's at a high enough rate, wouldn't all of us have a net worth of over $1,000,000 and therefore qualify as a QEP?

[readyrv]

why would the federal government file 13 all of the income tax we will have to pay post RV?

[tep]

This means that AFTER July 15th unless you qualify as a "Qualified Eligible Participant"

A QEP definition:

Section 413(a) of the Act alters the financial qualifications of who can be considered an accredited investor, and thus a qualified as eligible participant (“QEP”). Specifically, the revised accredited investor standard includes only the following types of individuals:

1) A natural person whose individual net worth, or joint net worth with spouse, is at least $1,000,000, excluding the value of such investor's primary residence;

2) A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with spouse in excess of $300,000 in each of those years and a reasonable expectation of reaching the same income level in the current year; or

3) A director, executive officer, or general partner of the issuer of the securities being offered or sold, or a director, executive officer, or general partner of a general partner of that issuer.

So if you do not fit the above definition as a QEP it will be against the law for you to exchange Iraqi Dinar or any other foreign currency in a large amout at a bank or with a currency exchange as of July 15th 2011.

Thanks to the United States Congress.

So if the RV were to not happen until after July 15th.....most here will be screwed.

Phoenix

After the RV anyone with over a mill in IQD would qualified.

[ArrowheadMagic]

Hopefully this helps to explain the "Elimination of OTC Metals"

With regard to OTC precious metals such as gold or silver, Section 742(a) of the Act prohibits any person/companies from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis. This provision intends to expand the narrow so called “Zelener fix” in the Farm Bill previously ratified by congress in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transactions without the need to prove that they are futures contracts. The Dodd-Frank Act now expands this authority to include virtually all retail cash commodity market products that involve leverage or margin – in other words OTC precious metals. ...

Said differently....this applies ONLY to metals traded on Margin, and is not a restriction provided the transaction is closed within 28 days. (delivered)

This is an anti fraud measure designed to protect the consumer during a volatile trading environment to avoid conflict over price per oz.

Also the Dodd measure does not contain language to any effect reflective of the wording of that email.

Nor any mention of gold/silver coinage bought and sold on the consumer level. Or personal sale.

This basically means that if you purchase gold/silver on margin from companies representing themselves as traders qualified to do such, they must be a legitimate, licensed trading enity....

It makes total sense if one were to trade heavily on margin...... in a volatile market.

And while I have not read the entire law to the letter, I would be interested if one were to find language conflicting with the above.....

Blessings~~~

More people should take the time to read your post, then examine the law itself. No where in the law does it state anything about people buying, its to regulate those that sell.

[tandy]

WOW!!! And the plot thickens.... No new deal in sight... Yeah, FDR set presidence, confiscating gold and silver by making it illegal to for American citizens to own will come next... Corruption against "We the People" knows no bounds. We are dealing with corruption... The government has become its own entity, here to mainly represent its own agendas and special interests, scary stuff. The people need to remove the blinders, but I'm thinking it may be to late, even if the information was made public. The government has been doing things under the table for quite some time.... It's sad really... I don't even know what to say about where I think we seem to be going as a country, and it is really to bad, because we do have so many really good people here, left in the US. Unfortunately, we have many that a bullet would be a waist of resources to eliminate as well... All I can say is WOW... but, unfortunately, I'm not surprised...

Spike you are absolutely correct and the sad truth is a large percentage of folks not only don't have a clue but are already so "conditioned" they are incapable of thinking or reasoning for themselves. Good post Brother!

[Rayzur]

ArrowHeadMagic

Exact a mundo...... and thanks!

[Carrello]

My broker hasn't sent me **** over this so I'm not buying it. This only applies for non complying entities. My broker is compliant and I am compliant.

Brokers must be compliant with the cftc and nfa. end of story.

Besides, you couldn't pawn your gold watch. Give it a break. lol

Wouldn't Tiffany's be out of business? It was my first stop...

[Hawkeye64]

If this is indeed true...would it effect the value of gold already owned by private individuals?