The part of the Frank-Dodd law at issue today regulates futures and
leveraged or margin accounts where you only put down part of the
money, and borrow the rest. It might also affect bad industry
dealers who take longer than 28 days to deliver. This will
likely affect other bad dealers who offer private forms of
leveraged or margined accounts for bullion.
One quick and easy way to show that gold and silver trading are not
being made illegal in the USA is to watch the US Mint. As
long as they continue to offer gold and silver coins for sale, then
you can bet that buying US Mint products will be ok.
There is a lot of confusion out there on the internet about this,
as forex.com said it will affect "over the counter" trading.
But in the bullion world, terms almost never mean what they sound
like they mean. It will not affect sales of bullion over my
counter.
http://en.wikipedia.org/wiki/Over-the-counter_(finance)
Others
are comparing this to the FDR confiscation of 1933, that never
really was a confiscation, but only a recall.
Read my
latest article on confiscation, here:
Confiscation May 14th, 2010
In sum, the real confiscation today takes place through money
printing. The us government is on pace to print a brand new
$1.6 trillion this year, which is $1600 billion. They are not
interested in confiscating the worldwide $30 billion of silver
production; at least, not yet.
But back
to today's topic: What will be the result of the new
Frank-Dodd rules?
In my opinion, it looks like they are shutting down a large portion
of fraudulent metals trading. The people who want to buy
silver and gold are now more likely to consider buying the real
things if they want exposure to rising metals prices, which will
likely move prices up.
As an
example, one man recently calculated that the daily trading of
precious metals was 250 times as much as how much real silver is
purchased for investment each year. Shutting down the paper
trading means that real trading will be more likely to take up the
slack.
Real silver is not a promise to pay, but rather, when you buy it,
you don't have any kind of promise, but only the real thing.
Again, we ship out about 99% of our bullion sales the very same day
that it's paid for by the customer. In our opinion delays are
unacceptable in the bullion trade, unless you are ordering such
large amounts that it has to be manufactured to your direct
specifications.
Frank-Dodd
Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15
Posted by dallassteve on 20th of Jun 2011 at 07:37 pm
Real Silver Still Legal!
(And probably will remain legal for a long time to come!)
Silver Stock Report
by Jason Hommel, June 20th, 2011
Regarding:
Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15
http://www.infowars.com/trading-of-over-the-counter-gold-and-silver-to-be-illegal-beginnin g-july-15/
You will still be able to buy silver and gold from real bullion dealers like the JH MINT.
Here is the actual text of the law:
http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/html/PLAW-111publ203.htm
The part of the Frank-Dodd law at issue today regulates futures and leveraged or margin accounts where you only put down part of the money, and borrow the rest. It might also affect bad industry dealers who take longer than 28 days to deliver. This will likely affect other bad dealers who offer private forms of leveraged or margined accounts for bullion.
One quick and easy way to show that gold and silver trading are not being made illegal in the USA is to watch the US Mint. As long as they continue to offer gold and silver coins for sale, then you can bet that buying US Mint products will be ok.
There is a lot of confusion out there on the internet about this, as forex.com said it will affect "over the counter" trading. But in the bullion world, terms almost never mean what they sound like they mean. It will not affect sales of bullion over my counter. http://en.wikipedia.org/wiki/Over-the-counter_(finance)
Others are comparing this to the FDR confiscation of 1933, that never really was a confiscation, but only a recall.
Read my latest article on confiscation, here:
Confiscation May 14th, 2010
In sum, the real confiscation today takes place through money printing. The us government is on pace to print a brand new $1.6 trillion this year, which is $1600 billion. They are not interested in confiscating the worldwide $30 billion of silver production; at least, not yet.
But back to today's topic: What will be the result of the new Frank-Dodd rules?
In my opinion, it looks like they are shutting down a large portion of fraudulent metals trading. The people who want to buy silver and gold are now more likely to consider buying the real things if they want exposure to rising metals prices, which will likely move prices up.
As an example, one man recently calculated that the daily trading of precious metals was 250 times as much as how much real silver is purchased for investment each year. Shutting down the paper trading means that real trading will be more likely to take up the slack.
Real silver is not a promise to pay, but rather, when you buy it, you don't have any kind of promise, but only the real thing.
Again, we ship out about 99% of our bullion sales the very same day that it's paid for by the customer. In our opinion delays are unacceptable in the bullion trade, unless you are ordering such large amounts that it has to be manufactured to your direct specifications.
-----
http://goldbasics.blogspot.com/2011/06/trading-over-counter-gold-silver.html
Posted by zach06 on 20th of Jun 2011 at 08:45 pm