J.P. Morgan Chase accepts physical gold as collateral

J.P. Morgan Chase & co recently announced that it will accept physical gold bullion as collateral "for investors that want to make short-term borrowings of cash or securities"
Apparantly, they aren't the first one to jump on the bandwagon. From the article:

Presenting gold to satisfy demands for performance bond collateral has been allowed on the London CME in a limited way since October 2009. As of November 22, 2010, the Intercontinental Exchange Inc. (ICE) has accepted gold bullion as collateral on all credit default swaps and energy transactions.
I don't recall the G-20 declaring gold a new currency. Yet JPMorgan Chase and a couple of financial market exchanges have effectively declared that gold is an alternative currency.
In other words, gold is money.

The original article can be found here

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