Comments on: More Gold Used As Money: Chicago Mercantile Exchange Begins Accepting Gold For Margins

By: Simple Llama

Simple Llama — Wed, 21 Oct 2009 22:36:09 +0000

Interesting move by the CME, and kinda ballsy too. It’s not exactly a secret that the central bankers of the world, while they value gold, they don’t want it to be used as a medium of exchange by regular people.

Then again, not a whole lot of regular people are likely to walk into the CME with a sack full of gold bullion, and decide to purchase wheat contracts ( or whatever they trade there ).

Still, and interesting move, and finally a big name saying that they’ll accept gold. It’s a step in the right direction :)

By: MoneyEnergy

MoneyEnergy — Wed, 21 Oct 2009 20:58:26 +0000

@Matt – yes, sounds like it! This is where futures trading started, so perhaps this is just another innovation. Though I’m surprised they’re using bullion, not digital.

By: Matt SF

Matt SF — Wed, 21 Oct 2009 15:19:08 +0000

While I won’t attempt to take anything away from the historic precedent this sets — wow — you also must realize that the CME is probably the most savvy and sophisticated group of commodities traders in the world.

Not to mention, it’s a pretty savvy move to generate additional revenue by the CME management team. :)