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Commodities & Metals

Margin Requirements Changing in Gold & Silver? (GLD, IAU, SGOL, SLV)

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By Jon C. Ogg Published
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The move up and the sudden move down in gold today has been almost impossible to ignore.  Gold was up more than $15.00 above $1,681.00 today, but now gold is DOWN over $20.00 and back under $1,650.00 an ounce.  The explanation is a simple one and it is not forced central bank lending.  It is not even that our list of nations at risk of losing their “AAA” ratings is a new risk.  This is fear that trading margin requirements will be raised.

  • SPDR Gold Shares (NYSE: GLD) $160.02, -$1.47 (-0.91%)
  • iShares Gold Trust (IAU) $10.04, -$0.15 (-0.9%)
  • ETFS Physical Swiss Gold Shares (SGOL) $163.08, -1.53 (-0.9%)

If you think tyhis is just gold, the devil’s metal via silver is down huge and the iShares Silver Trust (SLV) is off a massive 5.9% at $38.21.  AGAIN… $40+ has acted like the traders’ deathtrap in silver.

If you absolutely positively HAVE to have a formal reason, the fear is that the ECB will follow Switzerland with a rate cut to become more accommodative.  That will drive up the value of the greenback, which generally drives down the price of commodities.

Dennis Gartman on CNBC has even noted a rumor that trading margin for gold is about to be lifted.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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