The Bullion Report: Dodd-Frank and the Stir Over Metals Trading
Posted in the Metals Forum
Since: Mar 10
#1 Jul 6, 2011
Nothing can get the precious metals community buzzing quite like the idea of the government adding controls to the bullion trade. A numbers of articles have been circulated in the past two weeks concerning the possibility that the Dodd-Frank Reform Act aims to do just that. Is the financial legislation set to outlaw the retail sale of gold and silver, or is this just an example of an overreaction to one company’s notice? If there is a ban, what does that mean for the price of precious metals?
Most of the hullabaloo seemed to stem from an original email sent to clients from Forex.com . The email details changes to products available to trade for US residents. According to reprints of the email on several websites, the text states,“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.” It goes on to tell traders to “wind down” their trading activity. ZeroHedge.com was among the first sites to focus on the email, and the potential ramifications of a law like that.
>>View full report at: http://newsletter.berkshireassetmgt.com/...
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