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– Now, if you’re wondering why the gold

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wealthmoney   Thursday, 08/25/11 03:50:30 PM
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– Now, if you’re wondering why the gold price dropped a rather large US$100 overnight, here’s the answer, or at least part of it:

– The CME Group, who owns and runs the COMEX gold futures market, just announced a margin increase of 27 per cent, effective from close of business on 25 August.

– That is a hefty increase and comes after a 22 per cent increase announced two weeks ago.

– So if you’re a gold futures speculator and want to buy 100 contracts of COMEX gold futures (1 contract = 100 ounces), yesterday it cost US$742,500 to establish the position. On Friday, the same position will soak up US$945,000 of your cash.

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