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On July 15, 2011 You Will Have No Problem Getting Physical
(June 21, 2011) Rumors fly faster than the speed of light on the Internet, with one site linking to another, another, and another. Lately, a barrage of rumors stem from a misinterpretation of provisions in the Dodd-Frank bill which decidedly DO NOT effect trading in physical precious metals for near-term delivery
Bad news travels like wildfire, good news travels slow.” The alleged bad news in this case is that precious metals trading as we know it will cease on July 15, 2011. In fact, it just ain’t so.

New regulations effecting precious metals spot trading are a part of Dodd-Frank, but they concern off-exchange leveraged contracts only, and do not effect the purchase or sale of actual physical coins and bullion which is delivered in a reasonable time frame. The new regulations are aimed at transactions done “on a leveraged or margined basis.”

We received this message from Diane Piret of the Industry Counsel on Tangible Assets, which is the lobbying arm which represents coin and bullion dealers and investors in Washington D.C.:

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… –Diane

In short, the actual language of the new regulations does not concern the purchase of precious metals by individuals if that trade "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;"

Any new federal regulations in the realm of commodities are always worth investigating for regulatory overreach , and no doubt Dodd-Frank contains its share of unintended consequences.

But we can confidently report that rumors of the abolishment of physical gold and silver trading in this country are greatly exaggerated.

-Richard Smith, June 21, 2011


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