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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Investment house holding silver as collateral

Mar 25, 2011 07:27 AM

JPMorgan Chase, a high-flying New York-based investment house that accepts gold for collateral when trading securities, is a custodian for silver inventories belonging to Comex.

Bloomberg reports a spokesman for the exchange, also of New York, said JP Morgan Chase became a depository on March 17. March 22 exchange information indicates the investment house holds 30,844 ounces of silver, which more than doubled in value during the past year.

"This is further indication that gold and silver are being treated more like a currency," Matt Zeman, a market strategist at Kingsview Financial in Chicago, told Bloomberg.

At 9 a.m. on Friday, silver futures were even and valued at $37.375 per troy ounce.

The precious metal touched 31-year highs on Thursday when valued at $38.18 per troy ounce. Set in 1980, silver futures' top value is $50.35 per troy ounce.

JPMorgan Chase announced last month it soon will accept additional precious metals as collateral. The exchange spokesman said the investment house is authorized to use gold, platinum and palladium as collateral against contracts for precious metals traded on the Comex and Nymex.

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