Ask the Gold and Silver Chick! Does Dodd-Frank Outlaw Gold Sales?

June 21st, 2011 by

This week’s question is from a post I received on my Facebook wall. Here it is:

“Have you read the rumor floating about the internet that gold will be forbidden to be retailed after July; read it was contained within the recent Dodd financial bill?”

Interesting question – happy to explain a little bit about what the Dodd financial bill is all about…

First, to answer your question directly: no, hard bullion sales of gold and silver will not be affected.

Regarding: Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15

You will still be able to buy silver and gold from real bullion dealers like Gainesville Coins!

Here is the actual text of the law:

The part of the Frank-Dodd law at issue today regulates futures and leveraged or margin accounts where you only put down part of the money, and borrow the rest.  It might also affect bad industry dealers who take longer than 28 days to deliver.  This will likely affect other bad dealers who offer private forms of leveraged or margined accounts for bullion.