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China’s Shanghai
Gold Exchange said it will allow physical gold to be used as collateral
on futures contracts from September 29, according to a statement posted
on its website this morning as reported by Reuters.
Physical gold will be permitted to be used for up to 80 percent of margin value, according to the statement.
Reuters then corrected the story and the second refiled story was changed and given a different focus:
The Shanghai Gold
Exchange said on Thursday it will allow A-shares, exchange-traded funds
and treasuries to be used as collateral for gold trading.
The Shanghai Gold Exchange said on Thursday it will allow A-shares,
exchange-traded funds and treasuries to be used as collateral for gold
trading. The move comes as Beijing unleashes a slew of measures to
stave off a collapse in its stock market and restricts trading in stock
index futures.
With counterparty
and sovereign risk remaining high although unappreciated, gold is no
longer being seen simply as a commodity – particularly in China, India
and Asia. Rather, it is increasingly viewed by more astute market
participants as an important asset and a currency with no counterparty
risk.
Gradually, we are
seeing the re-monetization of physical gold as it is being
reincorporated into the modern financial and monetary system. Keynes’s
‘barbaric relic’ is becoming less barbaric by the day.
The development is
an important one for the gold market and is bullish for the “pet rock.”
It shows, once again, that gold is slowly but surely becoming a cash
equivalent and as money again.
Gold’s re-monetisation in the international financial and monetary system continues.
Read the Reuters articles here (original) and here (updated).
Read more on the GoldCore blog
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