"The prohibition of Section 742(a) does not apply, however, if such a transaction results in actual delivery within 28 days, or creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver, and accept delivery of, the commodity in connection with their lines of business."

So in other words if you are just having them hold gold that you bought, there is an enforceable obligation to deliver between the seller and the buyer (you).

I fail to see what the big deal is? This act just means you can't play with gold on futures. But you can still buy it online and have it held online. No?

He's right. Things like Goldmoney accounts do not apply. Things like buying coins and bars from your local dealer do not apply. Things like allocated gold accounts do not apply.

But leveraged FX accounts certainly do apply. I don't think many small retail investors of the sort that populate this board will be overly affected by this. But the guys who leverage up on futures contracts and roll-overs through FX dealers certainly will be.