Monday, February 7, 2011

JP Morgan confirms the obvious - Gold is real money

DJ JP Morgan: First Tri-Party Agent To Accept Gold As Collateral

Mon Feb 07 10:00:47 2011 EST 

  LONDON (Dow Jones)--JP Morgan Monday said it has become the only tri-party
agent to accept physical gold as collateral against securities lending and repo
obligations with counterparties.

  The company said in a statement that it expects to accept additional precious
metals and commodities as collateral later in the year.

  "The ability to finance and leverage the broadest range of asset classes is
important to our clients. Many clients are holding gold on their balance sheets
as an inflation hedge and are looking to make these assets work for them as
collateral," said John Rivett, collateral management executive at J.P. Morgan
Worldwide Securities Services.


  -By Rhiannon Hoyle, Dow Jones Newswires; +44 (0)20 7842 9405;
rhiannon.hoyle@dowjones.com


  (END) Dow Jones Newswires

  02-07-11 1000ET

  Copyright (c) 2011 Dow Jones & Company, Inc.
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1 comment:

  1. Bill.Sarah.ConnorFebruary 7, 2011 at 9:38 AM

    That's funny Dan. I can't wait to get down to the Morgue and give them some of my gold in exchange for some dollars! Hahaha...wouldn't they love that. Then they can use my gold elsewhere and I'll never see it again! Jeezum!

    ReplyDelete

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