A nice 15% increase across the board effective at the close of business today would most certainly cause a few traders to reduce their positions this morning. Timely little rule change issued quietly yesterday no doubt to cause maximum damage on a thinly traded day.
Cornered rats strike again - VHF
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NYMEX to Change Margins for Gold Futures Contracts
NEW YORK, N.Y., July 2, 2008 -- The New York Mercantile Exchange, Inc. announced today that it will change margins for its gold futures contracts, effective at the close of business tomorrow.
Gold futures margins will increase to $3,750 from $3,250 for clearing and non-clearing members and to $5,063 from $4,388 for customers.
Margins for the Asian gold futures contract will increase to $1,206 from $1,045 for clearing and non-clearing members and to $1,628 from $1,411 for customers.
Margins for the COMEX miNYTM gold futures contract will increase to $1,875 from $1,625 for clearing and non-clearing members and to $2,531 from $2,194 for customers.
