SGS Notes: Don't mean to sound like a broken record, but this IS what is in the precious metals news lately every week! This week's focus is on the big announcement by Forex.com that has everyone feeling alarm...I wrote to Bix Weir and his response to everyone is below....
Have also added a "Watch List" in the right column... This is a 'short list' of everything we've been watching... encouraging everyone to watch for news along these lines...because things are happening fast and furious right now... feel free to send link and articles to us at firstname.lastname@example.org... we look at a lot of sites and may miss something important...
End of Forex.com Trading of Gold & Silver
Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15
Friday, June 17, 2011
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
Many are asking, "What is this all about? Does this mean we can't buy or sell silver or gold after July 15th?
Here's the official word on it from Bix Weir:
First of all the name of the company, FOREX.com, has scared many people as they believe that this relates to all FOREX, Gold and Silver transactions. FOREX.com is a fairly large online brokerage house and is not the FOREX market in general. They are ending their trading of electronic gold and silver for US residents do to their interpretation of the Dodd-Frank Law. My take...good riddance to ANY paper and electronic gold and silver trading! It is in the paper and electronic markets that the manipulation occurs.
As has been addressed in the Road to Roota Letters...ALL PAPER AND ELECTRONIC MARKETS WILL BE DESTROYED. These guys over at FOREX.com are just trying to limit their liability in the coming gold and silver chaos.
Very soon all paper/electronic gold and silver trading will end including on the COMEX and the LME.
You should be in physical gold and silver in your own possession preparing for these events.
This is another sign the END IS NEAR!
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And Wishing You a Wonderful Father's Day 2011
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James Turk's presentation on the gold price and the US dollar