American wanting to trade gold with brokers that take American clients

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So evidently it seems to be illegal in America to trade gold with American based brokers or people who take American base customers. Can anybody tell me if this is true or not? I've already been through four or five brokers you tell me they cannot handle gold for me being an American.
 
aaronseal:
So evidently it seems to be illegal in America to trade gold with American based brokers or people who take American base customers. Can anybody tell me if this is true or not? I've already been through four or five brokers you tell me they cannot handle gold for me being an American.

it is true, but there is a symbol of gold that you can trade, but cant remember it right now, and what broker has it. ask @Ryan L Johnson

 
Michael Charles Schefe #:
it is true, but there is a symbol of gold that you can trade, but cant remember it right now, and what broker has it. ask @Ryan L Johnson

There is only one U.S. broker-dealer that offers a synthetic "spot gold" instrument, USGOLD. Connecting MT5 would require a custom API. This requires deep pockets because there is zero leverage on spot gold in the U.S.

There are also 2 U.S. MT5 broker-dealers that offer CME (centralized─not OTC) gold futures, e.g., GC (full size), MGC (micro), and 1OZ (nano). Here, leverage is less than that of FX/CFD instruments and varies by initial margin versus maintenance (overnight) margin required.

Note that discussion of specific broker-dealers is prohibited in the Forum.

Ironically there is an MT5 prop firm that, based on my testing, allows simulated CFD trading (including XAUUSD). As a potential "fringe benefit," Hedge is allowed as well. Similarly to broker-dealers, I won't be naming it in the Forum.
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