You are here
CME Group has prepared for clearing member defaults for some years now
12:18p ET Friday, May 1, 2020
Dear Friend of GATA and Gold:
Yesterday's MarketWatch report about the "credit facility" arranged by CME Group, operator of the major U.S. futures exchanges, to cover defaults by clearing members of its exchanges --
-- does not necessarily mean that any of its exchanges are at immediate risk of such defaults.
The report appears to have been prompted by CME Group's filing with the U.S. Securities and Exchange Commission a notice of an amendment to the "credit facility":
A previous filing indicates that CME Group has had such a "credit facility" at least since 2017:
According to the filings, many big international banks are providing the credit. That might imply that the stable operation of CME Group's futures exchanges is considered vital to the world financial system, or at least to those big international banks themselves.
What is the new amendment changing about the credit being extended to CME Group, and is there anything especially notable about the timing?
GATA could ask CME Group to explain this but we're still waiting for a reply to our inquiry of a couple of weeks ago as to why the new Comex gold futures contract offering the option of "delivery" via a certificate for a quarter interest in a 400-ounce bar wasn't even trading after being touted as the solution to the recent unusual disparity between gold prices in New York and London.
... Dispatch continues below ...
Asante Gold pursues high-margin, low-capex projects
in Ghana, Africa's largest and safest gold producer
Asante Gold Corporation (CSE:ASE / Frankfurt: 1A9 / U.S.OTC:ASGOF) is focused on developing high-margin, low capital-expense gold projects in Ghana, Africa's largest and safest gold producer.
Our experienced team members have developed 18 million ounces of gold resources in Ghana and have managed its largest underground mine.
We plan to develop our projects in a safe and environmentally sustainable way using new green technology and methods.The first mine we plan to build, Kubi, will be powered by a four-megawatt solar plant.
We believe gold is the only real money and is the basis of all money. We believe in sharing our future earnings with our shareholders. We invite you to join with us to help us finance and grow in this new 2020 super bull gold market. Visit us here:
As of yesterday, according to CME Group's data, the open interest in the new 4GC contract is only one:
But then what would the gold market be without its incongruities, mystery, and deception?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
Buyers can compose their case by choosing as many as four varietals from the list here:
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at email@example.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at firstname.lastname@example.org.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: