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Showing posts with label cme. Show all posts
Showing posts with label cme. Show all posts

Saturday, May 20, 2017

ZenGold is the newest gold backed crypto-currency to hit the markets as ICO set for May 26

Last week the nation of Dubai announced the creation of a blockchain based crypto-currency that would be backed by physical gold, and would be compliant with the new dictates of Sharia law finance.  And this gold-backed crypto-currency idea was quickly followed by a plan between the Chicago Mercantile Exchange (CME) to do the same with physical gold backed by the UK Royal Mint.

Now a third company is seeking to get off the ground by creating a new gold-backed crypto through an Initial Coin Offering (ICO) on May 26.

Image result for gold backed cryptocurrency
ZenGold, a project developed on Metaverse Blockchain, announces its ICO campaign on Friday, May 26, 2017 3:00 PM (GMT+8). 
ZenGold aims to create crypto assets that are backed by physical gold in order to enable investors to instantly buy and transfer even a very small fraction of gold anywhere in the world while having pertinent asset information securely stored onto an unalterable Metaverse Blockchain. 
The ICO will last for 15 days. The closing date is Friday, June 9, 2017 3:00 PM (GMT+8). The total number of 63.000.000 ZGC tokens will be distributed within the campaign (if the set sum is achieved before the closing date, the campaign will end before June 9). 
BTC, ETH, ETC and ETP will be accepted during ICO campaign. The “Early bird” bonuses (up to 20%) will be announced by ZenGold for those contributing at the early stages of ICO. 
ZGC tokens will enable its holders to use gold as an effective payment mechanism and credit system while benefiting from the transactional functionalities of Blockchain technology. The gold-backed tokens will be minted into existence only by the purchase of an actual gold. Thus 1 ZGC token will always represent the ownership of 1 gram of the physical gold securely stored in Shanghai Gold Exchange. The developing team has set its sights on establishing ZGC token as a better alternative to the traditional form of storing value and making a strong case for reshaping the financial service industry in the future. 
By providing efficient governance and security strategy as well as clear business vision, ZenGold invites the investors to become early holders of ZGC tokens. Those interested can invest via three different channels: 
www.zengold.org(accepting payments in BTC, ETP and ETH).
www.ico365.com(accepting payments in BTC and ETH).
www.btc9.com/ico(accepting payments in BTC). - Coin Telegraph

Saturday, May 13, 2017

Will the future of crypto-currencies be fiat like Bitcoin, or gold backed like the CME is creating?

Despite all the hoopla of crypto-currencies like Bitcoin being the potential future of money, the fact of the matter is they are no different than nearly all other currencies except that they will be limited in production, and outside the control of governments and central banks.  And it is this caveat of being a fiat based currency (backed by nothing) that could find gold backed digital money a more favorable choice for individuals to own.

Last week we wrote about a new gold-backed crypto-currency being created in the country of Dubai, which is pretty certain to be backed by real gold since they are required to follow the new standards laid out by the Sharia Finance Council back in December.  And on May 11 the Chicago Mercantile Exchange has now joined in the movement to put gold and silver on the Blockchain when they signed an agreement with the British Royal Mint to create their own gold backed currency that is expected to also be tied directly to physical gold.


Because of its scarcity, portability, divisibility and current valuation, many people are calling bitcoin the modern "digital gold." And like gold, bitcoin seems to be establishing itself as a popular store of value. 
But now CME Group, one of the world's largest providers of gold futures contracts, wants to bring real, physical gold to a blockchain-based asset, and it has landed a big partnership with the U.K.'s Royal Mint. 
By any standard, CME Group is a juggernaut in the world of high finance. Handling approximately $1 quadrillion worth of derivatives contracts annually, it is an influential player in the global gold market. And having roots in commodity trading since 1898, it is no stranger to the challenges of an evolving marketplace. Which is why the company has now set its sights on blockchain technology. 
According to a blog post by Sandra Ro, CME Group's head of digitization, the new asset will be a token known as RMG (Royal Mint Gold), and backed by physical gold in the Royal Mint vaults. Currently being tested for security and speed, RMG will allow instant transfers of gold to anyone anywhere in the world. And, Ro insists, it will bring a new era of accountability and gold-trading standards, saying, "There is no rehypothecation, there is no lending on that gold, and there will be enough physical gold to represent all the RMGs that are issued." With an initial launch planned for summer of this year, The Royal Mint plans to back the token with up to $1 billion in physical gold bullion. - Nasdaq

Monday, April 17, 2017

Wall Street financialization of Bitcoin continues as CME seeking to allow derivative trading

The CME Group is in the process of finalizing a patent for a Bitcoin derivative contract that would allow Bitcoin miners to hedge their production of Bitcoin currency.

In a new report on April 17, the Chicago Mercantile Exchange (CME) is planning to allow for derivative trading of Bitcoin futures on the nation's largest commodity exchange, and continue Wall Street's financialization of the crypto-currency.

Derivatives giant CME Group is looking to patent a way for bitcoin miners to hedge against operational risks. 
As detailed in a patent application published last week by the US Patent and Trademark Office, the proposed system would receive data from the bitcoin network as a means of keeping contracts up to date - monitoring metrics like network difficulty and price.
CME previously launched a pair of bitcoin price indexes last year. 
The filing is notable as bitcoin mining, the process by which new transactions are added to the bitcoin blockchain, is a kind of commodities production. Miners expend energy and manpower in exchange for newly minted bitcoins. - Coindesk
The largest problem with this of course is that derivatives and futures contracts for both commodities and currencies are allowed to be bought and sold by banks and other entities who have no skin in the game.  And it is this type of trading that has led to the suppression of gold and silver since their prices are determined by benchmark auctions in London, and paper futures contracts at the Comex.

Friday, February 10, 2012

US Commodity Exchange lowers margins on gold silver and copper

It has been a while, but the Chicago Mercantile Exchange has decided to lower margin requirements after raising them six times last year on gold, silver, and copper.  The exchange gave no real reason for the new policy, but on the surface, this should be good news for metal investors.

It has been so long since the CME cut gold and silver margins that frankly we are a little bit stunned... In an extended announcement, which saw outright margins for virtually every commodity get cut, the CME just lowered Initial and Maintenance margins of gold (by 12%) and silver (13%), to $7500 maintenance for GC and $16000 maintenance for SI. Did the paper bull trap season just open? And how long before these are re-hiked by 15%, 20% or more? For now, however, this is certainly near-term bullish. - Zerohedge

Sunday, December 18, 2011

Gold: If you don't hold it then it could be open for confiscation by trustees

In the aftermath of the MF Global theft and scandal, a new discovery is surfacing in the legal capabilities of bankruptcy trustees.

The right to confiscare property, even if it is owned by clear deed or receipt by a customer not associated with the failed company.

The bottom line is that apparently some warehouses and bullion dealers are not a safe place to store your gold and silver, even if you hold a specific warehouse receipt.  In an oligarchy, private ownership is merely a concept, subject to interpretation and confiscation.
Although the details and the individual perpetrators are yet to be disclosed, what is now painfully clear is that the CFTC and CME regulated futures system is defaulting on its obligations.  This did not even happen in the big failures like Lehman and Bear Sterns in which the customer accounts were kept whole and transferred before the liquidation process.   - Jessie’s Café Americain

With MF Global, we first learned the diabolical consequence of Re-Hypothicaton.  Now, the other shoe drops and the system is showing its bite and is claiming the right and power to take legitimate private property, albeit the gold and silver investors own and have stored in warehouses.

The old axiom every investor should know:  If you don't hold it, you don't own it.

Cant wait for the owners to sue the CME and the judge awards them fiat currency, while the exchanges get to keep your gold.

Commodities exchange blames MF Global for lack of charitable giving this year

The Chicago Mercantile Exchange (CME) Group has decided that because of the MF Global theft of customer accounts in the commodities realm, they will have to skip their normal donations to charity this Christmas to instead focus on paying back clients who had their money and accounts stolen, and subsequent contracts defaulted.

CME Group Inc, which has given $22 million to Chicago-area schools and charities over the past five years, has stopped making grants through its main foundation, citing the collapse of MF Global Holdings Inc.
Investigators are still searching for hundreds of millions of dollars of customer funds that CME says were improperly siphoned off Pin the brokerage's final days to plug its escalating liquidity needs. - Hartford Courant

Lets just hope the CME doesnt think those who lost tons of money to the greed of Wall Street are to be seen as charity, and that repayment is voluntary, or simply a good tax write-off.

Tuesday, December 13, 2011

Jon Corzine lied about knowledge of customer funds according to CME Exec

Now the fun starts as everyone involved in MF Global start throwing each other under the bus.  In a Reuters story today, an Executive from the Chicago Mercantle Exchange (CME) initmated that Jon Corzine lied under oath, and that he indeed had knowledge of where the missing customer money went to.

An auditor with CME Group was told that former MF Global chief Jon Corzine knew about loans backed by customer segregated accounts that were made to a European affiliate of the firm, a CME executive said on Tuesday.
CME Executive Chairman Terrence Duffy said his company has provided this information to the Justice Department and the Commodity Futures Trading Commission.
Duffy, testifying to the Senate Agriculture Committee, said a CME auditor participated in a phone call during which an MF Global employee indicated that Corzine knew of the lending, which was likely made in the last couple of days prior to MF Global's Oct. 31 bankruptcy.
The loan was for roughly $175 million, Duffy said. - Reuters via Zerohedge

Now the question becomes... how long will it take Corzine to start his own bus throwing to save his pathetic bacon?

Monday, November 7, 2011

CME may have saved some MF Global investors but not all are immune to margin calls

The CME's Friday night, and later Saturday clarification of margin limits to MF Global accounts that were transferred to them after the primary dealer folded may have helped save some account holders who were transferred over to their institution, but it appears the other investors weren't so lucky.  Account holders who were summarily transferred to entities such as RJ O'Brien, are being forced into a margin call because of the lack of equity MF Global sent out for their customers to cover their accounts.

If you are a former MF Global account and you have your account transferred over to RJ O'Brien, or many others, you will have no choice but to fork out a bunch of cash to keep positions on, according to a statement awaiting all such accounts on the RJO website, or else be next in line for broad liquidations. To wit: "Former MF Global customers transferred to R.J. O’Brien were delivered with approximately 75% of the maintenance margin requirement related to their accounts. As a result, every former MF Global account faces a margin call. No excess equity was transferred." - Zerohedge
it is truly coming down to the point where paper investments not only aren't worth the paper they are printed on, but even holding it can end up costing you more than your investment.

Friday, September 23, 2011

Gold and silver crash mystery solved - September 23rd

Gold, silver, and especially copper all fell to the headsmans axe today, and through most of the market trading, rumors abound who the culprit was that caused the massive selloffs.

Was it Europ banks needing liquidity?  Was it a hedge fund needing to pay investors, or, was it Sovereign states selling off their central bank holdings?

None of the above.  No, the answer was once again the manipulated CME, who once again raised margin limits in another desperate attempt to halt the flow of dollars into metals, and to try to save the unsavable greenback.

And there you have it: CME just hiked gold margins by 21%, silver by 16% and copper by 18%. Mystery solved. - Zerohedge

So for those who didnt panic during the last CME manipulation, refrain from doing so this time.  The price will slowly make its way back up in a short period of time.