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chickengold
21:34:24 Wed
Mar 3 2010

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FYI: The CFTC has asked for new authority to regulate OTC precious metals

ICTA letter

More from ICTA:
As you know, we were successful in the U.S. House of Representatives last year in securing language in its financial services reform package with respect to delivery periods, essentially keeping the current law which has a 28-day delivery period. This was done despite efforts from the Commodity Futures Trading Commission which had asked for new authority to initiate an unreasonable 2-day timeframe for product delivery which would severely hamper business as we know it.

The issue we face today is that during our efforts to include the House language regarding the 28 day delivery period in the U.S. Senate, which is working on its own financial services reform package in both the Senate Banking and Agriculture Committees, we have encountered a problematic staffer....(name omitted by MBM) a Fellow at the SEC, has many years of high-level experience at the CFTC. He has been detailed to both the Banking and Agriculture Committees to assist in the development of the financial services bill. Unfortunately he is sympathetic to the 2-day CFTC delivery proposal, and has the ear of the Senate Agriculture Committee Chairwoman Blanche Lincoln (D-AR). So far no Republicans support the 2-day delivery proposal. The bill is not public yet, but will be soon so ICTA should act fast.

We have attached an updated letter on this issue (ICTA members sent a similar letter to House Members last year) which we would encourage you to blast to your membership. It would be prudent if they sent the letter to their two U.S. Senators immediately. Please send one from ICTA as well to the following:

Banking Committee Chairman Chris Dodd (D-CT)
Banking Committee Member and point person on this bill for the minority, Senator Bob Corker (R-TN)
Agriculture Committee Chairwoman Blanche Lincoln (D-AR)
Agriculture Committee Ranking Member Saxby Chambliss (R-GA)

Again, time is of the essence as we expect this bill to be rolled-out perhaps as early as next week.


Eloise A. Ullman, Executive Director
Industry Council for Tangible Assets (ICTA), Inc.
PO Box 1365, Severna Park, MD 21146-8365
Phone: 410-626-7005 Fax: 410-626-7007
www.ictaonline.org

What does this mean? Currently, if you accept payment for precious metals and do not deliver within 28 days you are in essence entering into a futures contract and thus fall under the jurisdiction of the CFTC. Now the senate is considering moving that to 2 days, which is obviously impossible for those that do business in the mail (does this have implications for eBay trasactions?)

It sure seems to me that the CFTC and ‘powers that be’ are wanting to discourage private ownership and physical possession of precious metals.

The new potential legislation would not only put thousands out of business, it would effectively put most of the control of sales into the hands of government agencies… and there would, of necessity, then be a strong paper trail to precious metals owners.

They may want to do this BEFORE the anticipated price(s) expansion so as to grab control of the asset(s) and thereby control all profits from those asset(s). They know that WHEN the dollar fails (They know it WILL) there will be a run on precious metals...




---
Mike
Chicken Gold Camp
 
 
baub
23:55:22 Wed
Mar 3 2010

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Re: FYI: The CFTC has asked for new authority to regulate OTC precious metals

Darn.

b

  
chickenminer
04:02:18 Thu
Mar 4 2010

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Re: FYI: The CFTC has asked for new authority to regulate OTC precious metals

Mike,
Holy smokes. Looks like I need to send some more letters.
Tnx for posting!



---
Dick Hammond - Chicken, Alaska
Chicken / Stonehouse Creek Mining
Chickenminer.com
 
 
AKWhitey
05:04:10 Thu
Mar 4 2010

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Re: FYI: The CFTC has asked for new authority to regulate OTC precious metals

Let's get er done! Worked like a dog this last winter. I hope my pay mining trip of 2 weeks will be fruitfull in Chicken. I think we need to publish who to contact in Washington, cause I do not want to ask our new senator, He is deaf on most of our wants.
Let's Go,
Dan

  

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