No more GOLD and SILVER in the USA

It looks like USA does not want people to make money in FOREX...

First time I get comfortable with a pair and I start making some money with XAUUSD in this business, this happens:


As a result of the recently enacted Dodd–Frank Wall Street Reform and Consumer Protection Act, U.S.-based retail forex dealers such as OANDA are prohibited from offering leveraged trading in precious metals to retail clients after Friday, July 15, 2011.

As a client trading with our OANDA Corporate (U.S.) Division, you will not be able to trade our four precious metal pairs (XAU/USD, XAG/USD, XAU/JPY, XAG/JPY) on a leveraged basis, effective end of day July 15, 2011. Leveraged trading in other currency pairs will remain unaffected, with the same margin requirements.

We are working hard to minimize the impact of this restriction on our clients’ trading. For example, if you are not a citizen or resident of the U.S.A. you will be able to transition soon to our OANDA Europe Division without needing to close your open positions. We will send a detailed email soon with instructions on how to migrate your account.

We sincerely regret any inconvenience caused by this change in legal requirements. If you have any questions, please do not hesitate to contact our Customer Service Team at [email protected].

We appreciate your business with OANDA.

- The OANDA fxTrade Team

As there are a lot of open positions, we will see very interesting weeks with liquidating positions, which can give us new direction of the market....

And what is with taxes in UK...Does UK non-residents (non-domicile) pay taxes on capital gains (or that goes by source of income) to UK when trading forex?

heheheheeeh ....american dream , american freedom.........guys you are in big problems......american government is punishing the onest people ,instead the disonest can continue with their trades......GS.....

Land of the free - MY ASS!

Guys you may not realize this but that is freedom! American freedom is the freedom not to think. Are you from Harvard Princeton or Yale. Well if not you are not qualified to think. We need qualified people and bankers to run America.

Look Obama just wants to protect you and keep you safe when you trade forex or commodities. You all are not qualified to make your own investment decisions.

What is wrong with you people. Submit to our saviors!

Comeon guys! The whole world is in deep economic shit. Its not just the US and not just retail traders, its every country and every industry segment that has to do something about it. The only issue is, some have no clue what they are doing and why.

I'm thinking that they just realized that these MM brokers don't have any actual PRECIOUS METAL to back up these contracts with, ie you have been trading pieces of electronic paper that refer to some gold, and not actual gold itself.

But then, how else would you be able to sell short?

Not that the bank's have any of it either, its all in India and China.

You want to invest in silver / gold? Go buy some actual silver and gold. There are even a couple vendors (not brokers) that will store and insure it for you, so that you can sell it later at close to spot. This is what I prefer to do. I also live in the U.S. and have had no problems with it.