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Another Broker Halts Trading In Gold And Silver Products

Posted By admin On June 20, 2011 @ 2:26 am In Money Watch | Comments Disabled

Tyler Durden
Zero Hedge [1]
June 20, 2011

CMC Markets, a broker out of Australia which offers Contracts For Difference (CFDs [2]), has just formally joined the increasingly larger group headed by Forex.com (discussed on Saturday [3]) which 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. What is curious is that unlike Forex.com, which advised clients it is halting comparable trading on July 25 as pertains to spot OTC products (XAU and XAG), CMC’s halt is impacting gold and silver futures. While we still are not confident we understand precisely what span of products is prohibited by Dodd-Frank, it appears that ever more brokers are interpreting the law loosely enough to where practically all gold and silver products will soon be removed from retail participation. Readers, however, can rest assured that the CFTC, which is urgently delaying any of the Frankendodd provisions that impair Wall Street bottom lines, will not move a finger to address or resolve this issue which will suddenly affect millions of retail investors in the US, and around the world.

From CMC Markets:

Another Broker Halts Trading In Gold And Silver Products  CMC%20gold%20silver [4]

Another Broker Halts Trading In Gold And Silver Products  150709banner2 [5]

Stock up with Fresh Food that lasts with eFoodsDirect (AD) [6]

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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/article/another-broker-halts-trading-gold-and-silver-products

[2] CFDs: http://www.cmcmarkets.com.au/cfd/what-are-cfds

[3] discussed on Saturday: http://www.zerohedge.com/article/trading-over-counter-gold-and-silver-be-illegal-beginning-july-15

[4] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/CMC%20gold%20silver.jpg

[5] Image: http://www.prisonplanet.tv/

[6] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[7] Another Exchange Halts Levered OTC Gold And Silver Trading: http://www.prisonplanet.com/another-exchange-halts-levered-otc-gold-and-silver-trading.html

[8] Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15: http://www.prisonplanet.com/trading-of-over-the-counter-gold-and-silver-to-be-illegal-beginning-july-15.html

[9] Commodity Futures Trading Commission: Silver Market is Manipulated: http://www.prisonplanet.com/commodity-futures-trading-commission-silver-market-is-manipulated.html

[10] Gold Reaches $1,913.50 – Smart Money Moving Into Silver As UBS Says $50 Silver In 3 Months: http://www.prisonplanet.com/gold-reaches-1913-50-%e2%80%93-smart-money-moving-into-silver-as-ubs-says-50-silver-in-3-months.html

[11] Currency Wars – Iran Banned From Trading Gold and Silver: http://www.prisonplanet.com/currency-wars-iran-banned-from-trading-gold-and-silver.html

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