CME Lowers Gold Margins, Hikes Corn, Hogs
Well, all that bitching at the Comex over PM manipulation has paid off. The Chicago exchange just lowered its initial and maintenance margins by 10% from $6,751 to $6,075 and $5,001 to $4,500 respectively. In addition to GC, the CME lowered MGC, CGT, QO and 8Q contracts. Yet while it also dropped a bunch of irrelevant petroproduct margins, the CME is now targeting the Corn and Hogs speculators, apparently doing China's job for it, by hiking margins by 50% for the same crop year in C and lean hogs LN all months by 66%. Other products that saw a margin hike were Wheat, Soybean, Lumber, Dry Whey and Live Cattle. But back to gold: is this the catalyst for the next big move up? We should know within a few days...
Full report (pdf)
- advertisements -