Gold trading ceases July 15

[randalln]

Here is how bad it was for the people of the 1930's. FDR did everything in his power to give the Federal government power over the people. But the people were so beat down from lack to money they could find no harm in what FDR was doing. It was so bad, and people were so tired of being broke, they believed in a man that I now believe was an out and out traitor to this country. The people of the time believed in him, even my mother, who was a staunch Republican cried the day he died.

can you see the similarities

[ArrowheadMagic]

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

Help you, help yourself and read the law. This page alone has given you the information. Its not about the buyers...Its about the sellers. It regulates who is selling. Dont believe everything you read without verifying it. Err... I mean....panic and drive up the costs of precious metals.... just let me know beforehand which one your buying in bulk.

[randalln]

But i think its about to change people are a lot smarter now and this S#!t wont last much longer. people are starting to wake up. And we all know what happens when you wake this sleeping giant.

It almost seems to me that certain people are doing this on purpose .Just to wake up the people.And make them act.

[The Original Spike]

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!

A sad example... I went to my coffee house today and came across a large group of college professors discussing our economic state. I couldn't help interjecting a comment when one had noticed I was looking over a Forex board. We started talking and I brought up the law going into effect. I was told it was to protect the law would help our country by getting yahoos out of the system that didn't know what they were doing and had no business playing in the markets in the first place. The individual stated that the right to trade in the open markets should be left to those who were degreed in higher finance. I asked him was he an economics professor, he stated why yes, smugly, then asked how did I deduce this. I told him I had guessed by his arrogant statement. The law allows us to gamble, it's our money, it's our country. I didn't need some over educated blow-hard telling me how I should be limited on how I should be able to spend my money. I also told him that those that don't have the mixture to do, often teach and to take away one right always leads to more being taken. I then left and took my coffee with me. It just goes to show you, that many of the arrogant, self-obsorbed blow-hards may be well educated, but many lack any common-sense. I went outside and another group of older and younger folks asked me what I said to the college professors to make them so angry, I summed up the new law and they immediately lost interest, they said since it didn't have anything directly to do with them, that it didn't matter to them. They said they would probably never have used a personal investment tool anyway. I stated that if they eventually changed their mind, it would most probably be too late anyway. The governments of history have always started with taking the small things first, and the people would always say, "well, it doesn't effect me, so... So-what." Little things turn into more little things being gone until finally it does become something that matters. Any rights taken is a catalyst to something else being taken away that will eventually effect all individuals. Then it's too late. Benjamin Franklin stated he would rather have freedom than to give to any rights for personal security. I agree. Bad things tend to grow as they roll down the hill and gain momentum. The ball has already been pushed down the hill. Liberty or death... Sheep or mavricks, we are at the door my friends. I don't know if we own enough buckets to catch all the water from the leaky roof... We need a complete overhaul, and there is too much resistance from our leaders...

[The Machine]

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

It will be against the law for you to exchange Iraqi Dinar at a bank in a large amount.

The exchange of IQD or ANY foreign currency for USD at a bank or currency dealer is an Over The Counter (OTC) Forex exchange

and will be against the law unless you are a QEP (Qualified Eligible Participant)

What does it take to be a QEP?

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

I see where you comming from ..... but come on there are ways around everything !!! ....... there are no such laws in Europe .... send it to me, I'll cash it in and wire it back to you as a gift, when the RV does happen hopefully I'll have more money than I'll ever need anyway.

[Deathmonkey]

Just to clarify, when gold was "confiscated" by Roosevelt, the people who turned in their gold were paid. It was never yanked from them with no payment. That is just a common misconception.

[LaGrange]

Fear mongering, this has been laid to rest. I don't know of anyone that doesn't trade gold without a broker.

This is a perfect example of the nanny state at work.

[11 Bravo]

ALL BULL SHIZ

[tommyboy]

Just have to add my 2 cents. This thing from ForEx seems to refer to futures. Note where it specifically applies to contracts not delivered in 2 or 28 days, whichever version is/becomes law. Sounds to me like they are trying to reign in the commodity futures speculation only.

As far as XO 13303 not applying to IQD, it says "oil and oil derivatives". Since the GOI is around 95% funded by and dependent on oil money, that makes their money an oil dirivative. If not, none of these dealers or banks would have been able to sell any amount over what would be used for normal travel to Iraq, which is usually considered to be $200-$500 worth of foreign currency.

[tandy]

A sad example... I went to my coffee house today and came across a large group of college professors discussing our economic state. I couldn't help interjecting a comment when one had noticed I was looking over a Forex board. We started talking and I brought up the law going into effect. I was told it was to protect the law would help our country by getting yahoos out of the system that didn't know what they were doing and had no business playing in the markets in the first place. The individual stated that the right to trade in the open markets should be left to those who were degreed in higher finance. I asked him was he an economics professor, he stated why yes, smugly, then asked how did I deduce this. I told him I had guessed by his arrogant statement. The law allows us to gamble, it's our money, it's our country. I didn't need some over educated blow-hard telling me how I should be limited on how I should be able to spend my money. I also told him that those that don't have the mixture to do, often teach and to take away one right always leads to more being taken. I then left and took my coffee with me. It just goes to show you, that many of the arrogant, self-obsorbed blow-hards may be well educated, but many lack any common-sense. I went outside and another group of older and younger folks asked me what I said to the college professors to make them so angry, I summed up the new law and they immediately lost interest, they said since it didn't have anything directly to do with them, that it didn't matter to them. They said they would probably never have used a personal investment tool anyway. I stated that if they eventually changed their mind, it would most probably be too late anyway. The governments of history have always started with taking the small things first, and the people would always say, "well, it doesn't effect me, so... So-what." Little things turn into more little things being gone until finally it does become something that matters. Any rights taken is a catalyst to something else being taken away that will eventually effect all individuals. Then it's too late. Benjamin Franklin stated he would rather have freedom than to give to any rights for personal security. I agree. Bad things tend to grow as they roll down the hill and gain momentum. The ball has already been pushed down the hill. Liberty or death... Sheep or mavricks, we are at the door my friends. I don't know if we own enough buckets to catch all the water from the leaky roof... We need a complete overhaul, and there is too much resistance from our leaders...

Once again...brilliant, and thought provoking post (for thinkers of course) Thanks Spike!!!!

[tandy]

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.

Ditto! plus...It will be difficult to remove the blinders once gagged and bound. Thx 4 the post!

[cdoak1fordinar]

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

It will be against the law for you to exchange Iraqi Dinar at a bank in a large amount.

The exchange of IQD or ANY foreign currency for USD at a bank or currency dealer is an Over The Counter (OTC) Forex exchange

and will be against the law unless you are a QEP (Qualified Eligible Participant)

What does it take to be a QEP?

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

OK SO DOES THIS MEAN WE CAN STILL CASH IN SMALL AMOUNTS OF DINARS ??? AND HOW MUCH IS GOING TO BE LEAGAL TO CASH IN AFTER THE 15TH??

[tommyboy]

No where in any EO does it say that.

The Iraqi Dinar nor the investing of same was never mentioned in any Executive Order ever.

That was one of the first successful dealer pumps.

Phoenix

XO 13303 specifically allows us to invest in "Iraqi oil and oil derivatives" and since the GOI is run on money of which 95% comes from their oil, Iraqi dinar is thusly an oil derivative of the first order.

"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."

BS !!! Dr. Ron Paul just won the republican straw poll vote by almost twice the number as whoever came in second. I really don't like that thing about not elected a president since FDR. That is only your opinion, not truth.

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~~~

I agree. Futures only or something that takes more than 2/28 days to deliver.

[Vinman33]

Just to clarify, when gold was "confiscated" by Roosevelt, the people who turned in their gold were paid. It was never yanked from them with no payment. That is just a common misconception.

Yeah.................. just like people's real estate that the government has CONFISCATED by "Right of Eminent Domain." They pay the property owner some bullpucky amount and then turn around and sell it to a real estate developer so they can build a MALL. And the mall pays a bunch of local taxes, more than they ever got from the homeowner. This has already happened. They said, "It's for the good of the community..." unless you happen to be one of the citizens in the community who had your property confiscated. But hey, you got paid, RIGHT?

"Give me your gold. I will pay you. If you don't, I'll shoot you, then take it and NOT pay you." I believe I read in this thread that people were paid some $20 / ounce for their gold under the FDR law. A period of time later, gold was worth WELL over $30 oz. But hey, people got paid, RIGHT? So F'n what??? What if they didn't WANT to sell? What if THEY wanted to make the gain on the sale? Tony Soprano would've loved FDR.

This government sickens me day by day. I'm beginning to think the most precious metal we can own after this RV is in the form of blue steel, of the likes forged by Springfield Armory.

[Aquarius]

Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15

I honestly don't know if this story is true or what it even means if it is true. It does seem to me that it would affect the RV but how I don't know how. Could it put the RV off until after July 15? I don't have gold or silver but would buy (not trade) gold/silver if the RV ever happens. Someone with more understanding of "gold trading" might be able to shed some light on this.

Here is the link - - http://www.infowars....inning-july-15/

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.

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.

Sincerely,

The Team at FOREX.com

I reviewed the Dodd-Frank Act, and could only come up with new legislation specific to derivatives/swaps/futures. When you study the document, they are attempting to stop a repeat of the 2008 and the CMKX debacles. This legislation sets the bar for investors as those who are "really investors", i.e. those who have the money to back their investment purchases - probably so that there is actually assets there to attach should a transaction go awry for the investor (or should I say gambler unless we're talking "insider"?) Also, it appears that part of the intent of the new law is to be able to track who is doing what, as these transactions involve LOTS of money, and manipulating the system (as seen in 2008 and CMKX) wreaks havoc for the rest of us. What's interesting though is that somehow a piece got added into the bill without anybody noticing, allowing the SEC to keep secret what should be transparent. And when one does a little research, you find that the SEC appears shady at the very least when looking at their involvement in the CMKX crisis.

There is new legislation being written now in an attempt to correct the allowance for SEC secrecy. It's sad that we live in a country where so few are trustworthy, isn't it? Especially those who are suppose to be "public servants". And it's sad that we've digressed to a political system where the artificial persons (i.e. large corporations) can buy (I mean contribute to) political leaders/campaigns; and sadder still that we the people have allowed it to happen.

At any rate, I see nothing to indicate that this bill has anything to do with physical currency, gold, precious metals or dinar purchases.

Here are links:

http://www.411-room.com/courtdocs.html

http://www.ronpaul.com/2010-08-03/who-put-the-sec-secrecy-loophole-into-the-doddfrank-financial-reform-bill/

The above paragraphs are MO only. If I'm missing anything, please let me know.

[flahenry]

Since joining DV this thread and topic has, without a doubt been the best and most informative read. Thanks to all whom have added their insight and well reseached opinions! It is most refreshing to see a group share real life happenings, reseach and oppinions in a respectful dignified manner. We need more like this!

[The Original Spike]

Just to clarify, when gold was "confiscated" by Roosevelt, the people who turned in their gold were paid. It was never yanked from them with no payment. That is just a common misconception.

It was made illegal to own.

Oh, and first they take away our right to trade futures... Then what comes next? Just say'in... Pushes never end with a first shove... It always escalates... Again, look at history. The smart folks burried their gold...

[elmstreet61]

That too, but this is another way to tax, tax, tax. Or is it 1933, again?

it's 1933...and the manifestation of the movie 1984...

[TruthNTime]

It was made illegal to own.

Oh, and first they take away our right to trade futures... Then what comes next? Just say'in... Pushes never end with a first shove... It always escalates... Again, look at history. The smart folks burried their gold...

Fot those of you who are awake and informed, I love you guys!!! Now if we can just get involved and unified. I for one am planing for empty grocery stores and hungry people with no job or hope. I want to see liberty reborn here in America, but I am

honestly not sure it will be resurected. Thanks for bringing these types of subjects to the forefront as so many are still sleeping and unaware. You are right spike, fights start with a push and it goes from there.

[The Original Spike]

Fot those of you who are awake and informed, I love you guys!!! Now if we can just get involved and unified. I for one am planing for empty grocery stores and hungry people with no job or hope. I want to see liberty reborn here in America, but I am

honestly not sure it will be resurected. Thanks for bringing these types of subjects to the forefront as so many are still sleeping and unaware. You are right spike, fights start with a push and it goes from there.

Thanks TNT... And even those that are not Christians should be able to see what's coming next... The cashless society... Fact: Obama, pushed by Kissenger signed into legislation and made a governmental mandate for all US citizens to be "chipped", for financial purposes, medical, ect... (Hmmmmm) by 2016. Google it. It has been kept quiet, but was pushed through by being an add-on to other legislation...

Scary stuff indeed...

And with our money system being crashed, how easy would this transition actually be???

[LS1Hawk]

Just an fyi, not sure if someone already covered this, but I just called Midas Resources (they are a giant precious metals dealer) and a rep named Mike confirmed that after the 15th of july that private citizens would still be able to buy gold and silver from them.

1800-686-2237

[Midx1]

Just wondering how this law slipped through and got passed without anyone seeing it until now?

Puts a big question mark on what will happen if it does RV and the US Governments control over it.

What else are they hiding?

I for one bought all my Dinar abroad and have receipts for it which totals quite a bit and have never entered the USA with this money.

Have no problem paying the 15% tax on this income.

But if they keep pulling these silly games then other options are available and will be used accordingly.

I am not sure what is happening to our great country in the USA.

Seems they cannot see the forest for the trees.

You catch more flies with honey,,

[thebumproject]

Just for clarification guys-

It does not mean that precious metals trading will be banned.

Forex.com is just one of the options that you have to trade. There are many others