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Another Exchange Halts Levered OTC Gold And Silver Trading

Posted By admin On June 23, 2011 @ 3:40 am In Money Watch | Comments Disabled

Tyler Durden
Zero Hedge [1]
June 23, 2011

Last week it was Forex.com, now it is Oanda. As a reminder [2]“Forex.com, a large retail foreign-exchange operation, on Friday told clients it will discontinue its gold and silver over-the-counter products marketed to retail investors who are U.S. residents. It asked investors to close their positions by July 15.” This was first reported on Zero Hedge [3]. “Trading gold and silver over the counter — bypassing a futures exchange — offered investors a chance to enter a highly speculative, leveraged market that also left many investors at risk of fraud, according to one trade group. “In order to trade, it needs to be done in a exchange, or it can’t be done at all,” said Dan Driscoll, a vice president with the National Futures Association. The industry group asked Congress for such changes, due to numerous cases of fraud in such contracts. Doing business with a futures exchange offers retail investors more protections and transparency, he said.” There you go: it’s the extensive fraud that did it. And just as we predicted, this is only the beginning to heard all PM investors into the waiting clutches of the CME’s margin demands.

And now more and more are protecting from “fraud exposure.”Starting with Oanda.

Another Exchange Halts Levered OTC Gold And Silver Trading  Oanda 0 [4]

Another Exchange Halts Levered OTC Gold And Silver Trading  030511banner3 [5]

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


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URL to article: http://www.prisonplanet.com/another-exchange-halts-levered-otc-gold-and-silver-trading.html

URLs in this post:

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

[2] As a reminder : http://www.marketwatch.com/story/dodd-frank-claims-niche-form-of-gold-trading-2011-06-22?siteid=rss

[3] Zero Hedge: 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/Oanda.jpg

[5] Image: http://www.stansberryresearch.com/pro/1103PSIEOAVD/PPSIM375/PR

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

[7] Another Broker Halts Trading In Gold And Silver Products: http://www.prisonplanet.com/another-broker-halts-trading-in-gold-and-silver-products.html

[8] Hong Kong Mercantile Exchange’s 1 Kilo Gold Contract To End Comex Gold Futures Trading (And “Bang The Close”) Monopoly: http://www.prisonplanet.com/hong-kong-mercantile-exchanges-1-kilo-gold-contract-to-end-comex-gold-futures-trading-and-bang-the-close-monopoly.html

[9] Shanghai Gold Exchange Hikes Silver Margin By 20%: http://www.prisonplanet.com/shanghai-gold-exchange-hikes-silver-margin-by-20.html

[10] Shanghai Silver Trading Volume Surges By 65% Last Month: http://www.prisonplanet.com/shanghai-silver-trading-volume-surges-by-65-last-month.html

[11] 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

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