Saturday, June 18, 2011

FOREX Prohibits US Residents From Trading OTC Precious Metals

The cartel is getting desperate.  This will be sure to instill confidence in the US dollar. 
Dodd and Frank might have been more successful at putting a dent into the gold and silver bull if they had outlawed the real thing, instead of their OTC paper version.

Several customers are reporting receiving the following email regarding their precious metals positions:
We wanted to make you aware of some upcoming changes to’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, 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.