Heads Up to Spot XAU and XAG traders

Beginner Questions
1

What a friggin’ crock 'o crap.

From: FOREX.com <[email protected]>
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
2

Glad I’m not a US resident these days when it comes to forex… They just add one fun feature after another…

3

Land of the free…MY A$$.

4

LOL!!! You still got spot FX… could always move? Wild horses woudn’t drag me to the US when it comes to trading! :33:

5

Damn thats outrageous, but you know what? US citizens have become pussies they let these politians walk all over their rights without so much as a whimper. This is nothing compared to the patriot act that wiped out so many of their rights and they just lay there and take it.

Whats that gonna do to the price of gold and silver if the whole of the US has to dump all their investments in them before July 15th

6

You don’t know the half of it… my British passport since 9/11 has to have a ‘chip’ in it at the additional cost of £50 to satisfy the US gov. But I don’t want to go to the US! I cry… just Europe and maybe the odd holiday somewhere else? No matter… you want a passport, its with the chip or nothing! Thanks guys! LOL!!!

7

Voting for either side doesn’t change things, nor peacefull protests. Got any ideas?

8

But you can still go long and short in light bulbs. Not so in the euro zone.

9

Yeah you can… as long as their the EU low consumption type (11 Watt neon instead of 100 Watt filament)… I’m long low consumption GU right now! :35:

10

LOL. Here is a forum for discussing going long or short in whatever bulbs:

Change a Light Bulb: It Really Can Make a Difference : TreeHugger

Please read the domain name, lol. :smiley:

Regarding land of the free: If you wanna be free, you have to fight for your rights. Every day. Because DC never sleeps to take back the rights what a few men with courage gave to your grandgrandgrandpas hundreds of years ago.

11

Thats because either side is the same side, politicians are the psudo royalty of the US.

12

I just posted that in another thread… so US residents can’t just open an account in another country to buy spot gold and silver? Surely somebody’s going to sue somebody over this. Being in the US, I think it ridiculous… I own some physical gold and silver… glad that’s not banned yet. They’ll get my lead before they get my gold and silver… lol. :slight_smile:

13

Hahaha…nice.

14

This is an interesting point. Sports bettors in the US can use offshore accounts without (too much) hassle and bet on sports that Vegas books don’t offer, and usually get better lines. The places that got arrogant and used US processors and banks (Fulltiltpoker for example) are the ones that got clipped. The rest, including three that I use, are home free.

15

Actually I heard they found a way around that by selling the good old light bulbs as “heating devices” instead. (The cozy light from your 60W heating device is just a byproduct LOL)

16

Yea, I read that, too. lol. But I read also that this guy who tried to sell those heating devices got some trouble with authorities. Maybe he should sell them as heating devices covered with something that no light can be emitted, lol.

17

Does anyone know the reason behind this legislation ? I dont understand what reason would they have to regulate against trading on spot gold and silver.

18

They did it during the Great Depression, because no one would trust “normal” paper money or investments, and since we are in a Depression now, they need to prevent people from fleeing to gold and silver as a safe haven to prop up the stock market ect ect.

Only reason it doesn’t feel like a depression is because they are printing money this time. Inflating our way out. Big Ben B. was a student of the depression and wrote how that was the mistake the first time around, is they did not print enough money.

19

Gold confiscation in the U.S. is not imminent.

In fact, if the U.S. government were to attempt [B]a second confiscation of gold[/B] from the most heavily-armed population in the world, they would probably trigger the Second American Revolution.

The State of Utah is taking a stand on the private ownership and trading of gold —

The Associated Press: Gold, silver coins to be legal currency in Utah

Some gold factoids:

• The total amount of gold found, or mined from the earth, over the course of human history is estimated to be 166,600 metric tons.

• Slightly more than half of all the gold recoverable from the ground has already been extracted.

• Almost all of the gold ever removed from the ground can be accounted for; whereas most of the silver removed from the ground has been consumed, and can no longer be accounted for.

• If all of the world’s 166,600 metric tons of gold were collected in one pile, it would cover an American football field (360 feet x 160 feet, goal-post to goal-post and sideline to sideline), and the pile would be 5¼ feet high.

• If all of the world’s gold were distributed equally to the world’s population, each person would own slightly less than 1 ounce of gold.

• The U.S. owns 4.9% of the world’s gold. It’s stored at Fort Knox, Kentucky (yeah, you wanna bet?).

• In current (inflation-adjusted) dollars, the all-time peak gold price was $1,843 on January 31, 1980.

• Gold is measured by weight in troy ounces, grams, kilograms, and metric tons (sometimes spelled “tonnes”).

• 1 metric ton = 1,000 kg = 32,151 troy ounces = 49,512,540 USD at today’s price ($1,540/ounce).

• The U.S. government holds (wink, wink) 261.5 million troy ounces of gold in Fort Knox. The U.S. M2 money supply is currently (as of May 2011) $9,012,000,000,000, according to the Federal Reserve.

• Therefore, each ounce of U.S. gold (if it really exists) is backing 34,463 U.S. dollars.

•The U.S. government WILL NOT authorize an inventory of the gold stored in Fort Knox.

20

Just being devil’s advocate, but there is a crap load of gold and other rare earth metals in the antarctic, its the reason everyone has battleships down around there, countries are already staking it.