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Banks use gold to get dollar funds

Sep 15th, 2011 07:30 by News

14-Sep (Financial Times) — European banks are rushing to use their gold to access much-needed dollar funding, in the latest sign of the growing liquidity crunch for the continent’s financial institutions.

Gold dealers and analysts said that there had been a strong move to lend gold in the market in exchange for dollars in the past week, accelerating in recent days.

[source]

PG View: Maybe this morning’s announcement of a new coordinated central bank dollar liquidity scheme will end the European banks’ need to pledge their gold to get dollars.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]

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