Gold & Silver Buying to Become Illegal?
June 23rd, 2011
You Can't Own That Anymore!
In 2019, our rebels live in a world where owning gold and silver is illegal, and the only acceptable currency is paper money that get less and less valuable with every passing day. That might actually be a reality even sooner than 2019, according to a certain provision in the Dodd-Frank Wall Street Reform Bill.
According to a clause within the legislation, over-the-counter trading of gold and silver could be made illegal by July 15th, unless the transactions are made within a 28-day window. This law would make it increasingly difficult for commodities traders and precious metal investors to keep portfolios in the commodities. To help prepare for this, FOREX.com, a commodities and currency trading website, issued a letter to its account holders informing them of the clause, and telling them to sell off their accounts by the end of the trading day July 15th or risk liquidation. As for the new 28-day window that is being imposed, some financial experts have stated that most metal-trading doesn’t fall into this new window, and it is very difficult to accomplish. Therefore, this piece of legislation will hamstring commodities trading in what has become a hot trading option for anybody that puts more faith in metals than currency.
The price of gold and silver has skyrocketed over the last few years, largely due to the dollar’s continued instability and a weak global economy, made weaker by the events in Europe, especially Greece and Spain. This clause in the Dodd-Frank bill represents an attempt to keep the dollar king in world trade, even at the risk of it becoming worthless. If things don’t change over the next eight years, the world of our rebels may not just be a cartoon.
