Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15
Submitted by Tyler Durden on 06/18/2011 13:23 -0400
It may not be quite Executive Order 6102 part 2, but it sure sounds like a rather large step toward it.
From: FOREX.com <firstname.lastname@example.org>
Date: Fri, Jun 17, 2011 at 6:11 PM
Subject: Important Account Notice Re: Metals Trading
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.
The Team at FOREX.com
So far we have only received this warning from Forex.com. We are waiting to see which other dealers inform their customers that trading gold and silver over the counter will soon be illegal.
We hope to get some more clarity on just which Dodd-Frank provision will soon make trading precious metals illegal, and whether it will also be applicable to any trading of gold and silver in any form on any venue.