Suddenly, gold is money again - at Interconex (ICE) Clear Europe anyway which will 'accept gold bullion as collateral from Nov 22 this year'. On margin and one oz at a time ... Tom Dennen
LONDON – ICE Clear Europe has said it will accept gold bullion as collateral from Nov. 22 this year, as volatility picks up across the financial markets.
The company clears energy cash and futures transactions as well as European credit default swaps and is owned by exchange operator InterContinental Exchange.
“Acceptable collateral for ICE Clear Europe currently includes cash and government securities. Gold bullion will be permitted for initial margin only and will be accepted by the clearing house by electronic transfer in increments of 1 troy ounce, and will be priced daily using the London gold fixing price in U.S. dollars,” InterContinental Exchange said in a statement dated Nov. 8.
Clearers collect cash or other assets in the form of collateral, or margin, on individual trades and default fund contributions, which they hold centrally to refund members left out of pocket in the event of a default.
Gold, which investors often resort to as a store of value in times of wider market turbulence, has gained prominence in the financial system this year, particularly when it emerged in July the Bank for International Settlements had taken on 346 tonnes of bullion of global investment demand via swap operations.
Rival clearer LCH.Clearnet said it has considered accepting gold as collateral for some time, although the London-based company has no timeframe yet in which to do so, a spokeswoman said on Thursday.
“In my understanding … it’s something we’ve been looking at and yes, from a risk perspective, it’s something we are considering,” Andrea Schlaepfer, a spokeswoman for LCH.Clearnet said, adding she did not have any firm dates or further details on such plans.
CME Group, which owns the COMEX exchange, said late on Tuesday it will increase the margin required to trade silver futures by 30 percent to $6,500 per 5,000-ounce contract, prompting an 8-drop in the most-active December silver futures contract at one point on Wednesday.
LCH.Clearnet, which is also the clearing house for the Euronext. liffe commodities exchange, on Tuesday said it will increase the margin required to trade Irish sovereign debt by 15 percent as of Thursday.
Spot gold prices in London were up nearly 0.6 percent on the day at $1,411.05 an ounce, but down from Tuesday’s record high at $1,424.10.
Click here for (yesterday’s) reuters link
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Whistler Blowers, Insiders
Did you ever think that the Gold market is one big Fraud? Buy a barrel of Crude Oil, have you ever own 1 barrel of crude oil and have it stored in your garrage? All market trades are essentually paper trades, nothing physical changes hands and your don’t have in on your desk at home. Wise up America you are being led to slaugther if you think you can own a .999 bar of gold you bought at the metal exchange.
Reference:
http://goldbasics.blogspot.com/2010/10/mike-maloney-if-you-cannot-hold-it-you.html
ValueCheck, do you know you can buy real gold instead of the paper crap, Yes you can have it in your desk if you so desire. Real physical gold and silver DOES change hands. If you are real stupid you can buy an ETF and hope that they really do have some metal, now thats a sucker bet.
Jas 5:1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
Jas 5:2 Your riches are corrupted, and your garments are motheaten.
Jas 5:3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
All is vanity.