Author Topic: Your Rights to Purchase Precious Metals Are Being Threatened  (Read 1769 times)

Offline BIG-TARGET

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Your Rights to Purchase Precious Metals Are Being Threatened
« on: February 26, 2010, 05:13:21 PM »
I recently got this email from Gold & Silver shop, concerning the regulation of OTC purchasing of gold and silver.
Take a read.
This may be a problem that we, as citizens/consumers, should try to stop!
  ------------------------------------------------------------------------------------
Brought to you by Silver & Gold Shop ~ www.silverandgoldshop.com
 
Your Rights to Purchase Precious Metals Are Being Threatened!
 
To view full article online, please go to http://email.growacompany.com/T/ViewEmail/r/5D21A138F9F423AE/290E86DA5BE13A6344D0DD5392A9C75A 
 
Last September, many people responded to the ICTA call to notify their US Representative about changes that would have crippled the precious metals industry's ability to do business. People contacted them, and they listened. The House retained the 28-day delivery window. Now the Senate is considering this same issue, and your Senators must hear from you -- NOW.

You need to notify your 2 US Senators AT ONCE to let them know that you oppose the Senate's attempt to reform the US financial system that would require an impossible delivery time for precious metals and coins of 2-days vs. the current 28 days. This would render all mail order transactions impossible. There are certain Senators who are pushing for the 2-day provision right now.


We've included a sample letter below that explains why this change is of great concern to our industry.
You should FAX and/or EMAIL your letter. (Snail mail to Capitol Hill is inspected so thoroughly that it is delayed reaching Members of Congress.) Be sure you include your business address. You can find all contact information for your Senators at www.senate.gov.. If you're not sure who your Senators are, go to www.senate.gov.


PLEASE DO THIS TODAY. And please copy me (eloise.ullman@ictaonline.org) to let me know you've made contact. Remember, these people work for you. They need to hear how any changes/reforms they're considering affect YOU, their constituent.


Thank you, and please contact me if you have any questions. Eloise

SAMPLE LETTER to EMAIL and/or FAX

Date

Senator ------
Address ----


OPPOSE Proposed Expansion of CFTC Jurisdiction to OTC Cash Markets


Dear Senator __________________:


I am a consumer and investor in coins and precious metals. I purchase products from an online dealer in precious metals, and have been pleased to be able to do so. I understand the need to reform parts of the US financial system, and I urge you to focus on the sectors of this complicated system that actually need fixing. The cash markets are NOT broken, and I am opposed to any changes that would disrupt their current efficient functioning.


The Commodity Futures Trading Commission has asked for new authority to regulate the Over-The- Counter (OTC) precious metals cash markets. This new authority would require the CFTC to police retail transactions where my vendor provides or arranges any type of financing or works in concert with anyone who provides financing, including lay-away and credit card transactions. My vendor and my transactions would be regulated the same way that major futures contracts are policed.


What is being proposed would adversely affect my ability to purchase coins or precious metals for my investments or hobby because my vendor's ability to deliver products to me effectively will be destroyed. The proposed unreasonable 2-day timeframe for product delivery will render impossible ALL transactions that require shipping, including e-commerce and mail order transactions. Only face-to-face transactions will be legal. The House of Representatives passed a bill that at least has a more reasonable 28-day delivery period.


The CFTC proposal is simply not well thought-out. It will stifle the vibrant coin/precious metals market that has functioned smoothly and efficiently, including during our Country's financial crisis. Indeed, as paper assets lost value, coins' and precious metals' worth increased; these products stabilized investors' savings and retirement accounts.


The CFTC does not need an extension of its power. As recently as 2008, Congress rejected a similar idea, as did the House of Representatives on similar legislation in the first session of the 111th Congress. Leave our cash markets alone to continue to function efficiently and to provide a stable dimension to our Nation's financial system. These markets are NOT part of the problem.


Sincerely,
Your Name
Address

 
Note: If you are getting duplicates of the S&GS Newsletter, please eMail me and let me know.
We are juggling a couple of different sign-ups and I am working to consolidate them.
We apologize for any inconvenience and are working to get a single newsletter method. 
Contact us at info@silverandgoldshop.com
Phone: 888-203-2232 x 1 
 

 

Offline LvsChant

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Re: Your Rights to Purchase Precious Metals Are Being Threatened
« Reply #1 on: March 10, 2010, 06:34:05 PM »
We need more information... what is the reference number for the legislation under consideration? I'd like to do more research before I do any contacting of senators...

Do you have more information? I went to the ICTA site and didn't find the info. there either.