Page 2 of 3 FirstFirst 123 LastLast
Results 21 to 40 of 55

Thread: Gold will be confiscated soon

  1. #21
    Senior Member
    Join Date
    Sep 2005
    Posts
    162
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re: Gold will be confiscated soon

    Quote Originally Posted by Malsua View Post
    Ok, let me rephrase the question.

    Where can I buy some silver at less than $20,000 per order. You know...like a few hundred bucks at a time.
    These sites do offer small investments. You can order a few or hundreds of coins ... best to buy soon as the Comex and LMBA are under heavy pressure for being leverage 100 to 1 . Paper Gold vs Physical metal.
    Ab Urbe Condita 2761

  2. #22
    Postman vector7's Avatar
    Join Date
    Feb 2007
    Location
    Where it's quiet, peaceful and everyone owns guns
    Posts
    21,657
    Thanks
    30
    Thanked 73 Times in 68 Posts

    Default Re: Gold will be confiscated soon

    American Arrested in Mexico for Carrying 150 Gold Coins; Coins Seized




    From a machine translation from El Siglo via PrimaPanama:
    The Federal Police arrested at the International Airport of Mexico City, U.S. [citizen] Martin Thomas Arnold, 58 years old, who was scheduled to travel to Panama with 150 gold coins in his possession, with a total weight of five kilos 33 grams.
    Arnold even had a receipt for some of the coins and it appears there was no legitimate reason for them to be seized, or for him to be arrested.

    According to a Sify news report, the gold coins were found in the baggage of a Arnold as he awaited a flight to Panama from the Mexico City airport, officials said.

    Arnold appeared visibly nervous' prompting agents to run his suitcase through a scanner, which detected several containers inside, the Mexican Public Safety Secretariat said.

    One container held 50 gold coins with the legend 'Suid Afrika-South Africa' on them and two others had 100 coins inside that said 'United States of America'.

    The coins weighed a total of more than five kg, the secretariat said.

    Though Arnold even showed a receipt that he had with him for the purchase of 50 of the gold coins worth $1,171 each, he was turned over to prosecutors, the secretariat said.

    It is not clear what the charges are against him.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.


    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    outright, but we’ll keep feeding you small doses of
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll finally wake up and find you already have communism.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    ."
    We’ll so weaken your
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    like overripe fruit into our hands."



  3. #23
    Senior Member
    Join Date
    Oct 2006
    Posts
    1,183
    Thanks
    2
    Thanked 0 Times in 0 Posts

    Default Re: Gold will be confiscated soon

    Anyone wishing to dispose of their gold feel free to contact me. I will gladly dispose of it for you at no charge.

    I can also dispose of sliver, but there will be a slight charge,

    I do not think I can dispose of Scout at this time..
    "Still waitin on the Judgement Day"

  4. #24
    Senior Member
    Join Date
    Aug 2006
    Posts
    313
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re: Gold will be confiscated soon

    Provident Metals I have had good luck with seem to be the lowest premium/shipping costs. Apmex is of course going to get you your goods fast and pay you fast for your trade back into fiat but they have more premium/shipping costs.

    I have made a great relationship with my jeweler, wife likes custom rings, he appreciates the work....so I get metals at melt and usually trade back to him with premium for name brand stuff. I have been trading silver for gold because the ratio is descent was hoping for a wild swing or two and keep exchanging metal for metal until I get a nice pile but I am wondering if the party is over for ratio swings.

    I have the worst luck though each spring I take my canoe out being a novice at the beginning of each season........ so I tip it over in the Mississippi and there goes all that heavy metal to the bottom:-)

  5. #25
    Creepy Ass Cracka & Site Owner Ryan Ruck's Avatar
    Join Date
    Jul 2005
    Location
    Cincinnati, OH
    Posts
    25,054
    Thanks
    52
    Thanked 77 Times in 75 Posts

    Default Re: Gold will be confiscated soon

    Those damn tragic boating accidents. Scourge of gun owners and precious metals owners alike.

  6. #26
    Expatriate American Patriot's Avatar
    Join Date
    Jul 2005
    Location
    A Banana Republic, Central America
    Posts
    48,612
    Thanks
    82
    Thanked 28 Times in 28 Posts

    Default Re: Gold will be confiscated soon

    Guy was nervous... yeah, he was carrying a shitload of gold. God.
    Libertatem Prius!


    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.




  7. #27
    Postman vector7's Avatar
    Join Date
    Feb 2007
    Location
    Where it's quiet, peaceful and everyone owns guns
    Posts
    21,657
    Thanks
    30
    Thanked 73 Times in 68 Posts

    Default Re: Gold will be confiscated soon

    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

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.


    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    outright, but we’ll keep feeding you small doses of
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll finally wake up and find you already have communism.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    ."
    We’ll so weaken your
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    like overripe fruit into our hands."



  8. #28
    Postman vector7's Avatar
    Join Date
    Feb 2007
    Location
    Where it's quiet, peaceful and everyone owns guns
    Posts
    21,657
    Thanks
    30
    Thanked 73 Times in 68 Posts

    Default Re: Gold will be confiscated soon

    Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15

    Submitted by Tyler Durden on 06/18/2011 13:23 -0400


    One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind.
    From: FOREX.com
    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
    So far we have only received this warning from Forex.com. We are waiting to see which other dealers inform their customers that trading gold and silver over the counter will soon be illegal.

    It appears that Forex.com's interpretation of the law stems primarily from Section 742(a) of the Dodd-Frank act which "prohibits any person [which again includes companies]from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis."

    Some prehistory from Hedge Fund Law Blog:
    The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) has changed a number of laws in all of the securities acts including the Commodity Exchange Act. Two specific changes deal with certain transactions in commodities on the spot market. Specifically, Section 742 of the Act deals with retail commodity transactions. In this section, the text of the Commodity Exchange Act is amended to include new Section 2(c)(2)(D) (dealing with retail commodity transactions) and new Section 2(c)(2)(E) (prohibiting trading in spot forex with retail investors unless the trader is subject to regulations by a Federal regulatory agency, i.e. CFTC, SEC, etc.). According to a congressional rulemaking spreadsheet, these are effective 180 days from the date of enactment.

    We provide an overview of the new sections and have reprinted them in full below.

    New CEA Section 2(c)(2)(D) – Concerning Spot Commodities (Metals)

    The central import of new CEA Section 2(c)(2)(D) is to broaden the CFTC’s power with respect to retail commodity transactions. Essentially any spot commodities transaction (i.e. spot metals) will be subject to CFTC jurisdiction and rulemaking authority. There is an exemption for commodities which are actually delivered within 28 days. While the CFTC wanted an exemption in which commodities would need to be delivered within 2 days, various coin collectors were able to lobby congress for a longer delivery period (see here).

    It is likely we will see the CFTC propose regulations under this new section and we will keep you updated on any regulatory pronouncements with respect to this new section.

    New CEA Section 2(c)(2)(E) – Concerning Spot Forex

    The central import of new CEA Section 2(c)(2)(E) is to regulate the spot forex markets. While the section requires the CFTC to finalize regulations with respect to spot forex (which were proposed earlier in January), it also, interestingly, provides oversight of the markets to other federal regulatory agencies such as the CFTC. This means that in the future, different market participants may be subject to different regulatory regimes with respect to trading in same underlying instruments. A Wall Street Journal article discusses the impact of this with respect to firms which engage in other activities in addition to retail forex transactions. The CFTC’s proposed rules establish certain compliance parameters for retail forex transactions, requires registration of retail forex managers and requires such managers to pass a new regulatory exam called the Series 34 exam. We do not yet know whether the other regulatory agencies will adopt rules similar to the CFTC or if they will write rules from scratch.
    Next, from Henderson & Lyman:
    The prohibition of Section 742(a) does not apply, however, if such a transaction results in actual delivery within 28 days, or creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver, and accept delivery of, the commodity in connection with their lines of business. This may be problematic as in most spot metals trading virtually all contracts fail to meet these requirements. As a result, although the courts’ interpretation of Section 742(a) is unknown, Section 742(a) is likely to have a significantly negative impact on the OTC cash precious metals industry. Here too, it is essential that those who offer to be a counterparty to OTC metals transactions seek professional help to discuss possible operational and regulatory contingency plans.
    The actual rule language exempts a transaction if it "results in actual delivery within 28 days or such other period as the Commission may determine by rule or regulation based upon the longer period as the Commission may determine by rule or regulation based upon the typical commercial practice in cash or spot markets for the commodity involved;" Alas, the commission has decided not to intervene and keep the exemption status window so small as to affect virtually all exchanges which transact in the gold and silver spot market.
    More here:

    Elimination of OTC Forex
    Effective 90 days from its inception, the Dodd-Frank Act bans most retail OTC forex transactions. Section 742(c) of the Act states as follows:
    …A person [which includes companies] shall not offer to, or enter into with, a person that is not an eligible contract participant, any agreement, contract, or transaction in foreign currency except pursuant to a rule or regulation of a Federal regulatory agency allowing the agreement, contract, or transaction under such terms and conditions as the Federal regulatory agency shall prescribe…
    This provision will not come into effect, however, if the CFTC or another eligible federal body issues guidelines relating to the regulation of foreign currency within 90 days of its enactment. Registrants and the public are currently being encouraged by the CFTC to provide insight into how the Act should be enforced. See CFTC Rulemakings regarding OTC Derivatives located at the following website address, under Section XX – Foreign Currency (Retail Off Exchange). It is essential that OTC forex participants seek professional help to discuss possible operational and regulatory contingency plans.

    Elimination of OTC Metals
    As for OTC precious metals such as gold or silver, Section 742(a) of the Act prohibits any person [which again includes companies]from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis. This provision intends to expand the narrow so called “Zelener fix” in the Farm Bill previously ratified by congress in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transactions without the need to prove that they are futures contracts. The Dodd-Frank Act now expands this authority to include virtually all retail cash commodity market products that involve leverage or margin – in other words OTC precious metals.

    The prohibition of Section 742(a) does not apply, however, if such a transaction results in actual delivery within 28 days, or creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver, and accept delivery of, the commodity in connection with their lines of business. This may be problematic as in most spot metals trading virtually all contracts fail to meet these requirements. As a result, although the courts’ interpretation of Section 742(a) is unknown, Section 742(a) is likely to have a significantly negative impact on the OTC cash precious metals industry. Here too, it is essential that those who offer to be a counterparty to OTC metals transactions seek professional help to discuss possible operational and regulatory contingency plans.

    Small Pool Exemption Eliminated
    Pursuant to Section 403 of Act, the “privateadviser” exemption, namelySection 203(b)(3) of the Investment Advisers Act of 1940 (“Advisers Act”), will be eliminated within one year of the Act’s effective date (July 21, 2011). Historically, many unregistered U.S. fund managers had relied on this exemption to avoid registration where they:

    (1) had fewer than 15 clients in the past 12 months;

    (2) do not hold themselves out generally to the public as investment advisers; and

    (3) do not act as investment advisers to a registered investment company or business development company.

    At present, advisers can treat the unregistered funds that they advise, rather than the investors in those funds, as their clients for purposes of this exemption. A common practice has thus evolved whereby certain advisers manage up to 14 unregistered funds without having to register under the Advisers Act. Accordingly, the removal of this exemption represents a significant shift in the regulatory landscape, as this practice will no longer be allowable in approximately one year.

    Also an important consideration, the Dodd-Frank Act mandates new federal registration and regulation thresholds based on the amount of assets a manager has under management ("AUM"). Although not yet underway, it is possible that various states may enact legislation designed to create a similar registration framework for managers whose AUM fall beneath the new federal levels.

    Accredited Investor Qualifications
    Section 413(a) of the Act alters the financial qualifications of who can be considered an accredited investor, and thus a qualified as eligible participant (“QEP”). Specifically, the revised accredited investor standard includes only the following types of individuals:

    1) A natural person whose individual net worth, or joint net worth with spouse, is at least $1,000,000, excluding the value of such investor's primary residence;

    2) A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with spouse in excess of $300,000 in each of those years and a reasonable expectation of reaching the same income level in the current year; or

    3) A director, executive officer, or general partner of the issuer of the securities being offered or sold, or a director, executive officer, or general partner of a general partner of that issuer.

    Based on this language, it is important to note that the revised accredited investor standard only applies to new investors and does not cover existing investors. However, additional subscriptions from existing investors are generally treated as requiring confirmation of continuing investor eligibility.

    On July 27th, 2010, the SEC provided additional clarity regarding the valuation of an individual’s primary residence when calculating net worth. In particular, the SEC has interpreted this provision as follows:
    Section 413(a) of the Dodd-Frank Act does not define the term “value,” nor does it address the treatment of mortgage and other indebtedness secured by the residence for purposes of the net worth calculation…Pending implementation of the changes to the Commission’s rules required by the Act, the related amount of indebtedness secured by the primary residence up to its fair market value may also be excluded. Indebtedness secured by the residence in excess of the value of the home should be considered a liability and deducted from the investor’s net worth.
    h/t Ryan

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.


    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    outright, but we’ll keep feeding you small doses of
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll finally wake up and find you already have communism.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    ."
    We’ll so weaken your
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    like overripe fruit into our hands."



  9. #29
    Postman vector7's Avatar
    Join Date
    Feb 2007
    Location
    Where it's quiet, peaceful and everyone owns guns
    Posts
    21,657
    Thanks
    30
    Thanked 73 Times in 68 Posts

    Default Re: Gold will be confiscated soon

    Obama Threatens Forex

    Says Goodbye to OTC Gold Trading

    By James Bibbings08/03/2010
    With Nicole Kuchera


    Says Goodbye to OTC Gold Trading

    On July 21, 2010, President Obama signed into law the “Dodd-Frank Wall Street Reform Act” (the “Dodd-Frank Act” or “Act”). The Dodd-Frank Act most likely will bring about sweeping regulatory changes within the financial services industry. However, at over 2,300 pages in length, few people have read this legislation in its entirety. Of those individuals who have read the Act, few can comprehend the implications of such sweeping reform. As a result, the President of Turnkey Trading Partners (“TTP”), James Bibbings, has teamed up with attorney Nicole Kuchera, from Chicago’s Henderson & Lyman, to review the content of the Dodd-Frank Act. Through this process we were able to identify some areas of the Act that are most likely to affect Commodity Futures Trading Commission (“CFTC”) regulated entities and National Futures Association (“NFA”) member firms.

    The impact of the Act on commodity futures, over-the-counter retail foreign currency (“OTC forex”), and over-the-counter retail precious metals (“OTC metals”) transactions has been largely ignored by the media to date.

    Although the Dodd-Frank Act has been championed as a victory for consumer protection and rigid Wall Street reform, there is little actual clarity with respect to its practical implications. Since being signed into law, FCMs, IBs, CPOs, and CTAs have reached out to us regarding the vast amount of regulatory uncertainty now present in the financial industry. To assist commodities firms in complying with and understanding the Dodd-Frank Act, we have attempted to identify several of its most sweeping provisions. Our thoughts do not constitute legal advice and should not be relied upon in particular circumstances. We recommend that you contact competent counsel or a legal professional before taking any action in this complex area.

    That being said, based on the current language of the Act, the following four areas are likely to have the most significant implications for commodity futures, OTC forex, and OTC precious metals market participants:

    Elimination of OTC Forex

    Effective 90 days from its inception, the Dodd-Frank Act bans most retail OTC forex transactions. Section 742(c) of the Act states as follows:
    “…A person [which includes companies] shall not offer to, or enter into with, a person that is not an eligible contract participant, any agreement, contract, or transaction in foreign currency except pursuant to a rule or regulation of a Federal regulatory agency allowing the agreement, contract, or transaction under such terms and conditions as the Federal regulatory agency shall prescribe…”
    This provision will not come into effect, however, if the CFTC or another eligible federal body issues guidelines relating to the regulation of foreign currency within 90 days of its enactment. Registrants and the public are currently being encouraged by the CFTC to provide insight into how the Act should be enforced. See CFTC Rulemakings regarding OTC Derivatives located at the following website address, under Section XX – Foreign Currency (Retail Off Exchange). As this provision is potentially devastating to the forex industry, affected readers are encouraged to voice their opinions to the CFTC directly. To do so commentary should be forwarded to via email to:

    Secretary@cftc.gov
    Attn: David A. Stawick, Secretary
    Commodity Futures Trading Commission
    Three Lafayette Center
    1155 21st Street, NW
    Washington, DC 20581
    It is essential that OTC forex participants seek professional help to discuss possible operational and regulatory contingency plans.

    Elimination of OTC Metals

    As for OTC precious metals such as gold or silver, Section 742(a) of the Act prohibits any person [which again includes companies]from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis. This provision intends to expand the narrow so called “Zelener fix” in the Farm Bill previously ratified by congress in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transactions without the need to prove that they are futures contracts. The Dodd-Frank Act now expands this authority to include virtually all retail cash commodity market products that involve leverage or margin – in other words OTC precious metals.

    The prohibition of Section 742(a) does not apply, however, if such a transaction results in actual delivery within 28 days, or creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver, and accept delivery of, the commodity in connection with their lines of business. This may be problematic as in most spot metals trading virtually all contracts fail to meet these requirements. As a result, although the courts’ interpretation of Section 742(a) is unknown, Section 742(a) is likely to have a significantly negative impact on the OTC cash precious metals industry. Here too, it is essential that those who offer to be a counterparty to OTC metals transactions seek professional help to discuss possible operational and regulatory contingency plans.

    Small Pool Exemption Eliminated


    Pursuant to Section 403 of Act, the “private adviser” exemption, namelySection 203(b)(3) of the Investment Advisers Act of 1940 (“Advisers Act”), will be eliminated within one year of the Act’s effective date (July 21, 2011). Historically, many unregistered U.S. fund managers had relied on this exemption to avoid registration where they:

    (1) had fewer than 15 clients in the past 12 months;

    (2) do not hold themselves out generally to the public as investment advisers; and

    (3) do not act as investment advisers to a registered investment company or business development company.

    At present, advisers can treat the unregistered funds that they advise, rather than the investors in those funds, as their clients for purposes of this exemption. A common practice has thus evolved whereby certain advisers manage up to 14 unregistered funds without having to register under the Advisers Act. Accordingly, the removal of this exemption represents a significant shift in the regulatory landscape, as this practice will no longer be allowable in approximately one year.

    Also an important consideration, the Dodd-Frank Act mandates new federal registration and regulation thresholds based on the amount of assets a manager has under management ("AUM"). Although not yet underway, it is possible that various states may enact legislation designed to create a similar registration framework for managers whose AUM fall beneath the new federal levels.

    Accredited Investor Qualifications


    Section 413(a) of the Act alters the financial qualifications of who can be considered an accredited investor, and thus a qualified as eligible participant (“QEP”). Specifically, the revised accredited investor standard includes only the following types of individuals:

    1. A natural person whose individual net worth, or joint net worth with spouse, is at least $1,000,000, excluding the value of such investor's primary residence;
    2. A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with spouse in excess of $300,000 in each of those years and a reasonable expectation of reaching the same income level in the current year; or
    3. A director, executive officer, or general partner of the issuer of the securities being offered or sold, or a director, executive officer, or general partner of a general partner of that issuer.

    Based on this language, it is important to note that the revised accredited investor standard only applies to new investors and does not cover existing investors. However, additional subscriptions from existing investors are generally treated as requiring confirmation of continuing investor eligibility.

    On July 27th, 2010, the SEC provided additional clarity regarding the valuation of an individual’s primary residence when calculating net worth. In particular, the SEC has interpreted this provision as follows:
    “Section 413(a) of the Dodd-Frank Act does not define the term “value,” nor does it address the treatment of mortgage and other indebtedness secured by the residence for purposes of the net worth calculation…Pending implementation of the changes to the Commission’s rules required by the Act, the related amount of indebtedness secured by the primary residence up to its fair market value may also be excluded. Indebtedness secured by the residence in excess of the value of the home should be considered a liability and deducted from the investor’s net worth.”
    Seek Guidance Now
    As is evident from reading the provisions detailed above, President Obama’s sweeping reform is far from simple. At the present date, the Dodd-Frank Act offers up more questions than it provides answers. One thing is certain though; in time there will be significant implications for the financial industry as a whole. In order to properly evaluate how the Dodd-Frank Act may affect your CFTC and/or NFA regulated business, it would be prudent to contact a regulatory professional like Turnkey Trading Partners immediately.

    Likewise, savvy derivatives industry business owners would be well served to consider operational contingency plans and alternatives sooner rather than later. To assist in determining if your firm might be affected by the Dodd-Frank Act, TTP has put together a free evaluation worksheet which is available upon request. To receive this worksheet simply complete the web form available here.

    James Bibbings and Nicole Kuchera

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.


    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    outright, but we’ll keep feeding you small doses of
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll finally wake up and find you already have communism.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    ."
    We’ll so weaken your
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    like overripe fruit into our hands."



  10. #30
    Super Moderator Malsua's Avatar
    Join Date
    Jul 2005
    Posts
    8,020
    Thanks
    2
    Thanked 19 Times in 18 Posts

    Default Re: Gold will be confiscated soon

    This won't affect retailers. It just stops people buying PMs on margin.

    I really don't see what the point of 2100 pages is however. There must be something in there that's supposed to stop some behavior that liberals don't like.
    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat."
    -- Theodore Roosevelt


  11. #31
    Creepy Ass Cracka & Site Owner Ryan Ruck's Avatar
    Join Date
    Jul 2005
    Location
    Cincinnati, OH
    Posts
    25,054
    Thanks
    52
    Thanked 77 Times in 75 Posts

    Default Re: Gold will be confiscated soon

    Goldline Execs Charged With Fraud
    November 1, 2011

    video platformvideo managementvideo solutionsvideo player

    Goldline, a company that used endorsements from Glenn Beck and other conservative icons to sell hundreds of millions of dollars worth of gold to consumers, has been charged with theft and fraud in a 19-count criminal complaint filed Tuesday by local officials in California.

    The criminal complaint filed Tuesday by the Santa Monica City Attorney's consumer protection unit marks the latest in a series of allegations it has leveled against the gold dealer, which pioneered the practice of weaving its sales pitches into broadcasts by popular conservative political personalities -- including two former presidential candidates -- to sell hundreds of millions of dollars worth of gold every year.

    The complaint alleges that Goldline "runs a bait and switch operation in which customers, seeking to invest in gold bullion, are switched to highly overpriced coins by using false and misleading claims," according to a statement released by the consumer affairs division of the Santa Monica City Attorney's office.

    The company has been charged in the court filing with misdemeanors that include theft by false pretenses, false advertising, and conspiracy, the City Attorney's office said. In addition to the charges against the company, the complaint accuses former CEO Mark Albarian, executives Robert Fazio and Luis Beeli, and salespeople Charles Boratgis and Stephanie Howard of defrauding customers. Current CEO Scott Carter is accused of making false or misleading statements. Each of the charged offenses carries a maximum penalty of one year in jail and maximum fines of between $1,000 and $10,000 per offense.

    Carter, who is frequently featured in Goldline commercials, told ABC News Tuesday that he was withholding comment until he has had time to review the court filing.

    The launch of an investigation into Goldline was first reported by ABC News more than a year ago, when Santa Monica officials first said they were looking into allegations they said were leveled against the company by unhappy customers.

    "There are two main types of complaints we're seeing," Adam Radinsky of the Santa Monica City Attorney's office said at the time. "One is that customers say that they were lied to and misled in entering into their purchases of gold coins. And the other group is saying that they received something different from what they had ordered."

    Goldline officials said at the time that customer complaints were infrequent and it responded immediately to address them. The proof of the company's commitment to customer satisfaction, they said, is Goldline's top rating from the Better Business Bureau. "When we learn that customers have not received the experience they deserve, we investigate and take action," said Carter, then Goldline's executive vice president, in a letter to ABC News sent last year.

    The criminal complaint lays out a series of allegations that it contends add up to a conspiracy to trick customers into overpaying for an investment in gold.

    For instance, the complaint alleges that the company trains salespeople to "get the money in" from customers on the promise of delivering gold bullion, with the intent to later switch the sale to far more overpriced collectable gold coins. It alleges that the company trains its employees "to disguise the more than 50 percent markup on the overpriced coins," and alleges that Goldline reprimands its salespeople if they fail to convince the customer to buy the overpriced coins.

    Gold Bullion Vs. Gold Coins

    At the heart of the complaint is the suggestion that Goldline profits not so much by selling pure gold bullion, but by persuading customers who want to capitalize on the rising value of gold to purchase collectable coins. The coins are subject to a significant mark-up in price, and several Goldline customers told ABC News that they found it difficult or impossible to resell those coins without taking a loss.

    One of the customers was 63-year old Joe Kismartin of suburban Detroit. He says what he heard on TV about gold and the Goldline company made a lot of sense.

    "They got the commercials on TV and the way the economy's going I was figuring well, maybe I'll just do it for a little bit, save it for inflation, you know, in case something happens to the economy, it bottoms out and I've got something to fall back on, gold, rather than money," he said.

    But Kismartin says he ended up losing almost half of the $5,000 he spent, because, he says, the Goldline salesman pressured him to buy overpriced gold coins, not the gold bullion he had seen in the commercials.

    "I wanted to go bullion, I didn't want coins," he said. "I told the gentleman I don't want coins. He said I got the deal here, the special deal, I got Swiss coins. He more or less talked me into buying the coins."

    When Kismartin took the coins to a local coin shop, he was told the $5,000 worth of gold coins he bought from Goldline five months earlier was worth just over $2,900, a loss of $2,100. "You know, I'm living month to month, that's a big loss."

    Goldline disputes Kismartin's allegations against the company, saying it sells "a variety of products ranging from the most common bullion coins to exceptionally rare certified coins." Goldline said it looked into each case ABC News reported on last year and found that while both customers had initially complained, the company believed they wound up satisfied. And one of them -- Goldline did not identify which one -- was provided "a number of written disclosures at the time of purchase that went even further than Goldline's ordinary written disclosures," and yet went ahead with the purchase anyway.

    In filing the complaint, officials have opened a new front in a long-running and very public dispute over the way Goldline has turned the sale of gold into a massive retail operation that capitalizes on popular conservative figures -- most notably Glenn Beck. The marriage of conservative talk and gold sales appears to make sense -- both have traditionally targeted an audience that is skeptical of the government, concerned about the nation's economic future, and uneasy about inflation and the stability of American currency. Neither Beck nor any of the other celebrity endorsers are accused of any wrongdoing.

    The promotional strategy appears to have been beneficial both to Goldline, which boasts $500 million in sales, and to such conservative figures as Beck and former presidential hopefuls Fred Thompson and Mike Huckabee, all of whom have, at various times, coupled their television or radio appearances with Goldline advertisements.

    When contacted last year, a spokesman for Beck noted that Goldline has an A plus rating from the Better Business Bureau.
    Oh no! A company based on sales tries to upsell when customers want to order! The horrors!

  12. #32
    Super Moderator Malsua's Avatar
    Join Date
    Jul 2005
    Posts
    8,020
    Thanks
    2
    Thanked 19 Times in 18 Posts

    Default Re: Gold will be confiscated soon

    He could have gone to APMEX and simply picked out what he wanted and would have had it in a week.
    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat."
    -- Theodore Roosevelt


  13. #33
    Expatriate American Patriot's Avatar
    Join Date
    Jul 2005
    Location
    A Banana Republic, Central America
    Posts
    48,612
    Thanks
    82
    Thanked 28 Times in 28 Posts

    Default Re: Gold will be confiscated soon

    I knew buying gold was a bad idea. LOL
    Libertatem Prius!


    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.




  14. #34
    Postman vector7's Avatar
    Join Date
    Feb 2007
    Location
    Where it's quiet, peaceful and everyone owns guns
    Posts
    21,657
    Thanks
    30
    Thanked 73 Times in 68 Posts

    Default Re: Gold will be confiscated soon

    How the Feds Will take your Gold in a Modern Confiscation

    By John Galt
    November 7, 2011 – 08:00 ET


    On April 5, 1933, Franklin Delano Roosevelt signed Executive Order 6102. The summary of this act is as follows (from the link in full at the University of California at Santa-Barbara):

    34 - Executive Order 6102 – Requiring Gold Coin, Gold Bullion and Gold Certificates to Be Delivered to the Government

    April 5, 1933
    By virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled “An Act to provide relief in the existing national emergency in banking, and for other purposes,” in which amendatory Act Congress declared that a serious emergency exists, I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of this order:Section 1. For the purposes of this regulation, the term “hoarding” means the withdrawal and withholding of gold coin, gold bullion or gold certificates from the recognized and customary channels of trade. The term “person” means any individual, partnership, association or corporation.

    Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve Bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following…(etc., etc….)
    Since that was almost 70 years ago, so no big deal, right?

    It was until the news came out of Germany this weekend via Reuters:

    Bundesbank: central bank reserves will not help fund EFSF
    The Frankfurter Allgemeine Sonntagszeitung (FAS) reported that Bundesbank reserves — including foreign currency and gold — would be used to increase Germany’s contribution to the crisis fund, the European Financial Stability Facility (EFSF) by more than 15 billion euros ($20 billion).

    The European Central Bank (ECB) would own the reserves, according to the paper, citing sources at the G20 meeting held in Cannes this week.
    Thus the idea of the Germans turning their foreign reserves, especially their gold reserves, over to a multi-national foreign banking concern was avoided for the purpose of saving the PIIGS this weekend. But what happens when that crisis burns itself out and rotates back over to the United States? What process and procedure would be used to abscond with America’s real gold reserves held by investors and citizens and allegedly by our central bank and the Treasury Department?

    The truth is pretty scary. As first reported way back in 2008 under an idea by the then Speaker of the House Nancy Pelosi and Congressman Charles Rangel via Neal Boortz’s radio program, the Democrats have long thought about nationalizing 401K’s, IRA’s, and private pension funds. This was followed up with another example in 2010 in the publication Human Events in a story by Connie Hair on May 4, 2010, titled “Republicans Sound Alarm on Administration Plan to Seize 401(k)s.” From the article:
    In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.

    The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
    Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.

    In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations.

    House Republican Leader John Boehner (Ohio) and a group of House Republicans are mounting an effort to fight back.

    The American people have become painfully aware over the past year that elections sometimes have calamitous consequences. Republicans lack the votes (for now) to reign in the Obama administration’s myriad nationalization plans for everything from health care to the automobile industry.

    Now the backdoor bulls-eye is on your 401(k) plan and the trillions of dollars the government would control through seizure, regulation and federal disbursement of mandatory retirement accounts.
    The story above is the groundwork, or basis, for seizing gold from private individuals is in place as the Executive Order 6102 from Roosevelt is still viable and the idea that nationalization of private retirement accounts are no further than one Executive order away as it is doubtful the Republicans would ever endorse such a plan in the light of day.

    This opens up the door not just to precious metals IRAs, foreign holding accounts (See the HIRE act of March 2010), and other synthetic concoctions, but does present an idea of which should be obvious to my long time readers and listeners:

    The concept that an old friend of mine, SQ, propagated years ago that if you do not hold it, you do not own it.

    Gold is being used as a hedge against a currency collapse by many of the ultra wealthy and central banks of the world, but what happens when a central bank or government in the case of the United States in 1933 decides to confiscate gold holdings from investors and citizens? The process in that era was quite simple and due to the nature of the citizenry at that time, compliance was quite structured and natural to the nation. In this current era however, there is an even greater distrust of the government and financial system in general, thus opening the door for citizens to object and rebel against such an order.

    While a confiscation might have been a reach as recently as 2008, in the years since the financial crisis it has been revealed that the prospect is no longer that wild. The United States government has a massive debt that can not be serviced without some type of drastic action. The social contracts designed to provide a safety net have become a liability that is unfulfillable as structured and will require either a default on the programs or a confiscatory tax policy with rates returning to 1930′s extremes north of 80%. As part of such a restructuring of our domestic governmental financial structure, gold confiscation becomes more of a potential reality.

    As the prospect of confiscating the yellow metal becomes closer to reality in the years ahead, odds are that it will not appear anything like the Executive Order referenced above. It will be an emergency declaration that starts the ball rolling, but before that happens the average individual needs to understand the warning signs will not appear until the very last minute.

    First and foremost, rumors of and a crisis of such magnitude creating the need for a bank holiday and shutdown of all financial markets. This would enable the government authorities to lock down all positions in key assets at a point where they would be accessible for a secret audit and stop the flow of funds and/or the metals out of their control. The first gold to be seized will obviously be the Exchange Traded Funds (ETFs) like the GLD which currently contains approximately $70.2 billion (as of 11.03.2011) in gold at this time. The “paper” gold, as it has become known, would be the easiest to seize as the gold bars are inventoried and itemized and compensation to the owners of those shares would be decided by the government at whatever exchange rate it desired. The managers and owners of those funds would be compensated, after tax penalties are assessed, with an equivalent investment probably within the Treasury bond complex or new debt instrument from the Federal government.

    Next on the list would be the other paper gold asset which has gained in popularity in recent years, the precious metal IRA’s. The individual investor or small player is more likely to own a retirement account of this design and the objections would be minimal as the government would probably offer up a share of a Treasury bond based fund in lieu of cash compensation. Even with the rate of return guaranteed at 3% on average by the government it would be a losing hand and some individuals might attempt legal action to recover their losses. Based on historical precedent there would be little recourse or recovery as demonstrated by recent court decisions against bond holders in recent corporate nationalizations and other cases involving individual rights and the Fifth Amendment have discovered. This leaves the final confiscatory action and it will be the most destructive not just from a monetary point of view, but from a citizen’s perspective of their relationship to the authority known as government.

    The final act of confiscation will require the long rumored proverbial bank holiday. The financial authorities, under the Department of Homeland Security and Internal Revenue Service, would have the ability during such a holiday to conduct on site audits of safety deposit boxes for contraband, precious metals, and other financial materials of interest. This audit could be completed within a thirty to ninety day period, while re-opening the institutions but locking down all access to safety deposit boxes from customers and holding the bank management criminally liable if that policy is violated. As a bank’s audit is completed, the authorities would notify the owners of the event, probably begin an initial tax evasion case inquiry for intimidation purposes, and then determine fair value for all bullion or non-numismatic coinage that is seized. The process would be messy and by designed to browbeat the owner thus creating a level on mistrust beyond anything since the Wilsonian police state actions of World War I. Sadly, such an event would be coordinated with European authorities to insure that no American assets were hidden in their banks and to allow them a chance to seize assets for “inspection” or government confiscation to block capital flight from their nations.

    A clue as to when this event will begin has been dropped by the world monetary authorities in the last seven days, yet few souls have noticed it.

    The G20 and Europeans have investigated the idea of boosting the IMF’s Special Depository Receipts (SDRs) to the point of a becoming a viable global currency to provide a stable alternative to the dollar reserve system currently in place. This action was discussed to provide an alternative to the European Central Bank problems and to stifle the currency war initiated by the U.S. Federal Reserve. Until action occurs to remove the dollar as the world reserve currency occurs, there is no reason to confiscate assets to provide a base of value for the United States to create a new monetary regime. The circus that will occur in other nations will be mirrored by our own and the door opened at that moment to seize assets, possibly including real estate, to insure a backing for our ability to service the debt and participate in a new currency regime within a global central bank.

    Just remember, this is not a problem for those who hold precious metals in their possession or know the location of that safe that fell overboard during the canoeing accident in the lake or river near their homes.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.


    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    outright, but we’ll keep feeding you small doses of
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll finally wake up and find you already have communism.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    ."
    We’ll so weaken your
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    like overripe fruit into our hands."



  15. #35
    Expatriate American Patriot's Avatar
    Join Date
    Jul 2005
    Location
    A Banana Republic, Central America
    Posts
    48,612
    Thanks
    82
    Thanked 28 Times in 28 Posts

    Default Re: Gold will be confiscated soon

    Good thing I don't have any gold in any safe deposit boxes.

    I'm more prone to believing in "Pirate Rules" myself.

    You know, locked chest buried someplace, with several dead bodies (diggers) and their ghosts to guard the booty....
    Libertatem Prius!


    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.




  16. #36
    Super Moderator Malsua's Avatar
    Join Date
    Jul 2005
    Posts
    8,020
    Thanks
    2
    Thanked 19 Times in 18 Posts

    Default Re: Gold will be confiscated soon

    This always begs the question.

    Where do you hide something so that it won't be found by someone?
    "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat."
    -- Theodore Roosevelt


  17. #37
    Postman vector7's Avatar
    Join Date
    Feb 2007
    Location
    Where it's quiet, peaceful and everyone owns guns
    Posts
    21,657
    Thanks
    30
    Thanked 73 Times in 68 Posts

    Default Re: Gold will be confiscated soon

    You start off by not telling anyone what you have.

    Zombies have excellent memory.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.


    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    “You Americans are so gullible.
    No, you won’t accept
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    outright, but we’ll keep feeding you small doses of
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll finally wake up and find you already have communism.

    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    ."
    We’ll so weaken your
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    until you’ll
    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.
    like overripe fruit into our hands."



  18. #38
    Expatriate American Patriot's Avatar
    Join Date
    Jul 2005
    Location
    A Banana Republic, Central America
    Posts
    48,612
    Thanks
    82
    Thanked 28 Times in 28 Posts

    Default Re: Gold will be confiscated soon

    Quote Originally Posted by Malsua View Post
    This always begs the question.

    Where do you hide something so that it won't be found by someone?
    Pirates Rule number two: Only two people can keep a secret... if one of them is dead.

    (Hence the seven skeletons buried with the chest)

    DUH!
    Libertatem Prius!


    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.




  19. #39
    Repeatedly Redundant...Again
    Join Date
    Jul 2005
    Location
    Texas
    Posts
    4,118
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re: Gold will be confiscated soon

    I'm thinking that could be my line in the sand: Turn in your gold.

    Unless, and only mabye, depending on how I was compensated.

    Somebody is gonna come to my house and demand that I turn in without compensation something that I earned?

    Not.

    Gonna.

    Happen.

  20. #40
    Expatriate American Patriot's Avatar
    Join Date
    Jul 2005
    Location
    A Banana Republic, Central America
    Posts
    48,612
    Thanks
    82
    Thanked 28 Times in 28 Posts

    Default Re: Gold will be confiscated soon

    Not.

    Gonna.

    Happen.

    Love.

    It.

    They will take it whether you like it or not if they are going to take it.

    You'll be one more statistic. There will be more statists.
    Libertatem Prius!


    To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts.




Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •