Wednesday, May 25, 2011

(ECON) to allow central counterparties to accept gold as collateral

From Zerohedge:

Wonder why Europe is pressing so hard for Greece (and soon the other PIIGS) to collateralize its pre-petition loans on a Debtor in Possession basis? Here is your answer: "Yesterday’s unanimous agreement by the European Parliament’s Committee on Economic and Monetary Affairs (ECON) to allow central counterparties to accept gold as collateral, under the European Market Infrastructure Regulation (EMIR), is further recognition of gold’s growing relevance as a high quality liquid asset. This vote reinforces market demand for a greater choice of assets that can be used as collateral to meet margin liabilities." Luckily for Greece, it has 111.5 tons of gold in storage (somewhere at the New York Fed most likely). Looking down the road, Portugal has 382.5 tons, Spain 281.6, and Italy leads the pack with 2,451.8 tons.

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7 comments:

  1. edalocohcklemMay 25, 2011 at 8:59 AM

    How come Italy has got so much gold?

    ReplyDelete
  2. flauntMay 25, 2011 at 9:08 AM

    Totally off topic but...

    Here is an Adam Kokesh critique of the Netanyahu speech:

    http://www.youtube.com/watch?v=8fUoB5RIe-A&feature=player_detailpage#t=1073s

    Also apparently "Code Pink" has started a movement against aipac?

    http://www.moveoveraipac.org/

    I'm not sure what they would replace aipac with... Hopefully nothing but they are liberals. Maybe a pro-palestinian lobby? What we need is a complete end to the ripping off of those living in this invisible box called the United States of America.

    ReplyDelete
  3. Garry LindsayMay 25, 2011 at 9:41 AM

    They would be stupid to sell any Gold

    Silver up, dollar up, I give up!

    ReplyDelete
  4. DennisMay 25, 2011 at 9:56 AM

    Wildcat about to explode. Tinka champ looks to follow in WS footsteps.
    On Gold collateral....this is all about Debt and the leverage of same to take all the "real" money and resources from the debt slaves. A concentration of power in a few hands. I love it when a plan comes together!

    ReplyDelete
  5. walp86May 25, 2011 at 11:29 AM

    Whoah, here we go...

    The only logical explanation to what's happening now is:
    They banksters dont want to crash on their own feet, they want a crash induced by a false flag terrorist attack.

    They therefore let go of the entangling claws around the paper silver contracts to draw attention away from the physical auditions = everyone is happy for another month.

    The questions are:
    -Will we see +50$ paper price before the nuclear attack? Probably not.
    -Will they supress the price with margin hikes? Probably not, that would imply physical shortage en masse.

    Metaphorically speaking, we are all happily riding the silver train up the hill, where a big glowing silvery contraption reminding of an old ACME-watertower is on top.
    You all know what is inside it, come on... :(

    Buy oil calls, that is idiot proof.

    ReplyDelete
  6. HewardMay 25, 2011 at 11:33 AM

    I dunno about the dollar. I think the dead cat bounce is near over, but that's just my opinion. (I deliver pizza for a living, so take it with a grain of salt)

    I don't know where all of Italy's gold came from. They really got a good bit, both in tonnage and as a % of Forex reserves. As far as this article goes, I hope Greece keeps its gold.

    Keep stackin' that Phyzz. I picked up some fractional rounds from Monarch Precious Metals myself. Don't forget to divert some slave paper into brass and lead either. Common caliber ammunition will be a pseudo currency for a period of time, IMO.

    ReplyDelete
  7. felixMay 25, 2011 at 9:10 PM

    HZU - Horizon is pulling something. My 'stop loss' orders are not getting executed. I have to change to a sell order or wait indefinitely.

    Be very cautious when trading HZU or (most likely) HZD. cheers

    ReplyDelete

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