This Month in Gold – September 2012
CME Clearing Europe Accepts Gold as Collateral
PRNewswire – CME Clearing Europe, the sister shop of CME Clearing (US), has broadened the range of collateral it is willing accept to cover margin requirements to include gold. In its own words: “The extension offers additional flexibility at a time when high quality collateral is at a premium and the clearing of over-the-counter derivatives is increasing.” Launched in May 2011, CME Clearing Europe is following in the footsteps of CME Clearing, which started accepting gold bullion as collateral back in October 2009. The two clearinghouses are owned by derivatives giant CME Group.
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Republicans Back Gold Standard Commission in Tampa
CS Monitor – The Republican Party is bringing back the idea of a gold standard to mainstream US politics for the first time in 30 years. The official party platform adopted at the national convention in Tampa, Florida last month calls for an audit of the Federal Reserve and the establishment of a commission to “consider the feasibility of a metallic basis for US currency.” The last time the Republican party broached the idea of restoring a gold standard was the Gold Commission set up by President Ronald Reagan in 1981. Around the same time, however, Fed Chairman Paul Volcker took aggressive action to restore confidence in the dollar. The current Chairman has no such plans.
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China Mulls Gold Mining Purchase in Africa
Reuters – State-owned China National Gold Group, the country’s largest producer by volume, is reflecting the Middle Kingdom’s voracious appetite for gold with a push to acquire the African unit of London-listed Barrick Gold, the world’s largest producer. If the deal goes through, it could be worth as much as $3.8 billion. China National Gold Group mined approximately one million ounces of the yellow metal in 2012, a figure it hopes to double by 2015. African Barrick could add almost 700,000 ounces per year. The push highlights the shift in economic fortune from West to East, as well as the rising power’s preference for a hard asset future.
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