It is now illegal to buy and sell gold and silver futures

See: http://www.zerohedge.com/article/trading-over-counter-gold-and-silver-be-illegal-beginning-july-15

"We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.

In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET."

Comment: The way I understand this, the above article overstates the regulations. It is not illegal to own gold or silver, or to buy or sell them, or to enter into a contract for purchase in which physical delivery will be made within 28 days. However, it is illegal to enter into futures contracts unless the person is a sophisticated investor with a net worth of over $1 million.

"There is an exemption for commodities which are actually delivered within 28 days. While the CFTC wanted an exemption in which commodities would need to be delivered within 2 days, various coin collectors were able to lobby congress for a longer delivery period."