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Statement from ICTA re Dodd-Frank Act
CaptHenway
Posts: 31,566 ✭✭✭✭✭
Reposted from Coinnet with permission:
"Re the Dodd-Frank issue - If you are a coin dealer who sells gold, silver
etc and delivers in 28 days or less, this should not affect you. This is
the issue we told ICTA members about last year where the CFTC wanted
to change the delivery time to 2 days. ICTA successfully fought to keep
the existing 28 days. If you do leveraged transactions, you may need to
consult with your attorney on how this affects you. I spoke with David
Ganz and asked him to do an article about this and its effects. He will do
an article ASAP to appear in the next available Numismatic News. --Diane
Diane
Diane Piret
Industry Affairs Director
ICTA
P.O. Box 316
Belle Chasse, LA 70037"
"Re the Dodd-Frank issue - If you are a coin dealer who sells gold, silver
etc and delivers in 28 days or less, this should not affect you. This is
the issue we told ICTA members about last year where the CFTC wanted
to change the delivery time to 2 days. ICTA successfully fought to keep
the existing 28 days. If you do leveraged transactions, you may need to
consult with your attorney on how this affects you. I spoke with David
Ganz and asked him to do an article about this and its effects. He will do
an article ASAP to appear in the next available Numismatic News. --Diane
Diane
Diane Piret
Industry Affairs Director
ICTA
P.O. Box 316
Belle Chasse, LA 70037"
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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Comments
Give Me Liberty or Give Me Debt
<< <i>Maybe this will shut down the ebay pre sellers.
I have my doubts that it's applicable to US Mint products ... as such, it probably won't have any impact. But I could be wrong, and if so, the Mint would be obligated to deliver their bullion related items within the prescribed time frame.
<< <i>
<< <i>Maybe this will shut down the ebay pre sellers.
I have my doubts that it's applicable to US Mint products ... as such, it probably won't have any impact. But I could be wrong, and if so, the Mint would be obligated to deliver their bullion related items within the prescribed time frame. >>
Should affect the ebay sellers who like to list them on ebay well in advance of receiving them from the mint.
Give Me Liberty or Give Me Debt
<< <i>
<< <i>
<< <i>Maybe this will shut down the ebay pre sellers.
I have my doubts that it's applicable to US Mint products ... as such, it probably won't have any impact. But I could be wrong, and if so, the Mint would be obligated to deliver their bullion related items within the prescribed time frame. >>
Should affect the ebay sellers who like to list them on ebay well in advance of receiving them from the mint. >>
Once again, most pre sellers deal with Mint products and I doubt those products are included.
As far as I'm concerned, the pre sell option on eBay, is an eBay problem and should not be allowed.
<< <i>
<< <i>
<< <i>
<< <i>Maybe this will shut down the ebay pre sellers.
I have my doubts that it's applicable to US Mint products ... as such, it probably won't have any impact. But I could be wrong, and if so, the Mint would be obligated to deliver their bullion related items within the prescribed time frame. >>
Should affect the ebay sellers who like to list them on ebay well in advance of receiving them from the mint. >>
Once again, most pre sellers deal with Mint products and I doubt those products are included.
As far as I'm concerned, the pre sell option on eBay, is an eBay problem and should not be allowed. >>
I'm referring to the reselling of them in presells on ebay. So, you're saying you think all US coins (mint products) are exempt?
Give Me Liberty or Give Me Debt
<< <i>
<< <i>
<< <i>
<< <i>
<< <i>Maybe this will shut down the ebay pre sellers.
I have my doubts that it's applicable to US Mint products ... as such, it probably won't have any impact. But I could be wrong, and if so, the Mint would be obligated to deliver their bullion related items within the prescribed time frame. >>
Should affect the ebay sellers who like to list them on ebay well in advance of receiving them from the mint. >>
Once again, most pre sellers deal with Mint products and I doubt those products are included.
As far as I'm concerned, the pre sell option on eBay, is an eBay problem and should not be allowed. >>
I'm referring to the reselling of them in presells on ebay. So, you're saying you think all US coins (mint products) are exempt? >>
Yup...I think this law was strictly for "bullion" transaction. Just about every item the Mint sells is considered a "coin."
<< <i>The rules ban trading in leveraged (that is, bought on borrowed money) contracts were no physical delivery is required. Good riddance to this stuff. It allows speculators to run up prices without ever having to deliver physical metals. >>
That's the way I read it & for once I agree with your conclusion.
Give Me Liberty or Give Me Debt
<< <i>And does this affect credit card purchases of bullion? >>
Try to purchase bullion at the Forex with a cc & let us know.
<< <i>
<< <i>And does this affect credit card purchases of bullion? >>
Try to purchase bullion at the Forex with a cc & let us know.
So, Donk Act is limited to the Forex?
Give Me Liberty or Give Me Debt
<< <i>The rules ban trading in leveraged (that is, bought on borrowed money) contracts were no physical delivery is required. Good riddance to this stuff. It allows speculators to run up prices without ever having to deliver physical metals. >>
That's only a ban for all Joe Six Packs who aren't worth a few MILL. The banksters and hedge fund operators can still operate this way with impunity.
roadrunner