Do You Want This Bank to HOLD Your GOLD?

peaceandlove · 10-20-2009, 10:36 PM

CME To Allow Gold As Collateral For All Exchange Products

10/20/2009

LONDON -(Dow Jones)- U.S.-based clearing house CME Group Inc. (CME) will allow physical gold to be used as collateral for margin requirements on all exchange products, a spokesman said Monday.

The new global policy is effective Oct. 19 in accordance with a member's notice issued late Friday, said spokesman Jeremy Hughes in London.

Clearing member firms will be allowed to post up to a maximum of $200 million worth of gold as collateral to cover performance bond, or margin, requirements, Hughes said.

The policy was a byproduct of CME's recent launch of clearing services for over-the-counter London gold spot and forward contracts, he said.

"Many of the [trading] houses hold quite a lot of physical gold and would welcome using it more efficiently," he said.

The gold will be held at J.P. Morgan Chase & Co.'s (JPM) bank in London.

-By Matthew Walls, Dow Jones Newswires; +44 (0)20 7842 9412; matthew.walls@ dowjones.com

SOURCE: http://www.campaignforliberty.com/wire.php?view=8175

peaceandlove · 10-20-2009, 10:42 PM

WHO should HOLD your GOLD?

RELATED ARTICLES

Morgan seems happy to hold everybody's (oversubscribed?) gold

Submitted by cpowell on Mon, 2009-10-19 16:12. Section: Daily Dispatches
12:09p ET Monday, October 19, 2009

Dear Friend of GATA and Gold:

Ordinarily the announcement in the news story appended here might be construed as growing recognition that gold is money. But it may be most important for the disclosure in the story's last line: "The gold will be held at J.P. Morgan Chase & Co.'s bank in London." So one has to wonder if this isn't just part of the ongoing fractional-reserve gold banking scheme by which Morgan Chase -- that is, the trading arm of the Federal Reserve -- enlarges a pot of gold that can be presented as belonging to any number of claimants at the same time, claimants like the shareholders of the gold exchange-traded fund SGOL, for which Morgan Chase is also custodian.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Continues: http://www.gata.org/node/7917

SEE MORE:

http://www.gata.org/node/7917%22

SOURCE: Catherine Austin Fitt's blog http://solari.com/blog/

10-20-2009, 10:36 PM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Do You Want This Bank to HOLD Your GOLD? CME To Allow Gold As Collateral For All Exchange Products 10/20/2009 LONDON -(Dow Jones)- U.S.-based clearing house CME Group Inc. (CME) will allow physical gold to be used as collateral for margin requirements on all exchange products, a spokesman said Monday. The new global policy is effective Oct. 19 in accordance with a member's notice issued late Friday, said spokesman Jeremy Hughes in London. Clearing member firms will be allowed to post up to a maximum of $200 million worth of gold as collateral to cover performance bond, or margin, requirements, Hughes said. The policy was a byproduct of CME's recent launch of clearing services for over-the-counter London gold spot and forward contracts, he said. "Many of the [trading] houses hold quite a lot of physical gold and would welcome using it more efficiently," he said. The gold will be held at J.P. Morgan Chase & Co.'s (JPM) bank in London. -By Matthew Walls, Dow Jones Newswires; +44 (0)20 7842 9412; matthew.walls@ dowjones.com SOURCE: http://www.campaignforliberty.com/wire.php?view=8175

10-20-2009, 10:42 PM	#2
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Re: Do You Want This Bank to HOLD Your GOLD? WHO should HOLD your GOLD? RELATED ARTICLES Morgan seems happy to hold everybody's (oversubscribed?) gold Submitted by cpowell on Mon, 2009-10-19 16:12. Section: Daily Dispatches 12:09p ET Monday, October 19, 2009 Dear Friend of GATA and Gold: Ordinarily the announcement in the news story appended here might be construed as growing recognition that gold is money. But it may be most important for the disclosure in the story's last line: "The gold will be held at J.P. Morgan Chase & Co.'s bank in London." So one has to wonder if this isn't just part of the ongoing fractional-reserve gold banking scheme by which Morgan Chase -- that is, the trading arm of the Federal Reserve -- enlarges a pot of gold that can be presented as belonging to any number of claimants at the same time, claimants like the shareholders of the gold exchange-traded fund SGOL, for which Morgan Chase is also custodian. CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. Continues: http://www.gata.org/node/7917 SEE MORE: http://www.gata.org/node/7917%22 SOURCE: Catherine Austin Fitt's blog http://solari.com/blog/