Monday, June 20, 2011

Another Broker Halts Trading In Gold And Silver Products

CMC Markets, a broker out of Australia, is now advising customers that gold and silver trading will be prohibited in a month. Specifically, CMC has said that beginning July 29, it will no longer offer nor roll any of its existing gold and silver CFDs (Contracts for Difference).

Forex.com announced on Friday that it would stop trading its OTC gold products in July because of provisions of Dodd Frank Act that will kick in.

Click for larger view.

Note: At this point this does not appear to relate to non-leveraged gold purchases, including gold coins, but it appears that things are at least going in the direction of tracking gold coins.

(ViaZeroHedge)
at 12:03:00 AM

4 comments:

  1. Silver BullyJune 20, 2011 at 1:00 AM

    I'm beginning to have qualms about buying ANY gold from an online source now. If one wanted to be truly paranoid, pay cash only at a local dealer.

    ReplyDelete
  2. AnonymousJune 20, 2011 at 3:03 AM

    Would the Retardlicans in congress allow them to pass a law to track gold purchases?

    ReplyDelete
  3. Andre GJune 20, 2011 at 11:14 AM

    @ Anonymous - Starting on January 1st in 2012, S federal law will require coin and bullion dealers to report to the Internal Revenue Service all gold and silver coin purchases and sales greater than $600.

    http://www.economicpolicyjournal.com/2010/07/serious-tracking-of-americans-begins.html

    ReplyDelete
  4. AnonymousJune 20, 2011 at 1:21 PM

    @Andre

    I would guess that is to prevent holders of gold from evading the taxes on "the profits from inflation. (/sarc)" If you could trade the gold for cash without reporting, it would be harder to screw you out of the 35% federal automatic default (i.e. taxes) for holding gold.

    ReplyDelete

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