Reversed district court’s dismissal of Plaintiff’s enforcement action against Defendant for alleged fraud in precious metal sales. Defendant maintained that there was an exception in the Commodity Exchange Act for retail commodity sales. Held that the burden was on the Defendant to prove that the exception applied and the exception could be satisfied if the commodity sat in a third-party depository. However, that was not the case in this suit. Plaintiff was not barred from bringing suit and the action should not have been dismissed. Remanded for further proceedings.