Saturday, January 18, 2014

Deutsche Bank quits Gold and Silver London Fix

It seems German regulators have finally realized the Fix is in and they want their bank out of the cesspit that is the City of London.

Note with DB out of the silver fixing game that only leaves two banks, HSBC and Bank of Nova Scotia-ScotiaMocatta as the daily silver fixers. 


Article link

LONDON, Jan 17 (Reuters) - Deutsche Bank will withdraw from gold and silver benchmark price setting, it said on Friday, as European regulators investigate suspected manipulation of precious metals prices by banks.

Germany's largest bank and some of its rivals are taking a battering over a series of other scandals and inquiries regarding manipulation of interest rates and foreign exchange.

On Wednesday, global investigations into alleged currency market manipulation intensified as U.S. regulators descended on Citigroup's London offices and Deutsche suspended several traders in New York, sources told Reuters.

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Egon von Greyerz - “Physical Gold, the Safest Asset in an Unsafe World”

From GoldSwitzerland

A video presentation by Egon von Greyerz, Matterhorn Asset Management / GoldSwitzerland, Zurich.

"In this presentation Egon initially explains why we are at the end of a major era. He discusses the demise of the dollar and other currencies as well as the coming 90% fall of stock markets versus gold. He presents some very interesting graphs showing why US debt can never by repaid. Egon also explains why risk is greater than ever and that the likely consequences will be QE to infinity and a depressionary hyperinflation. Finally he covers 'how not to' invest in gold and 'how to' invest."

Weekend Chillout - Please come back

With all the news this week of the failure of the NY Fed to repatriate the same gold bars the Germans stored many decades ago, see here, here and here. It makes one wonder if the Germans will ever get back the 300 tonnes of gold they have asked to be returned, let alone the 1,536 tonnes of their gold in total meant to be stored in this vault: