Watch Out, “Bull Market Ahead” – Seven Key Gold Charts
by GoldCore
ZeroHedge.com
01/17/2014
Deutsche Bank announced today that it will withdraw from gold and silver benchmark setting, or the London gold fix process but remains “fully committed to our precious metals business.”
The bank is just one of the five bullion banks involved in the twice-daily fixing for gold price setting. Deutsche Bank plans to sell its gold and silver fixing seats to another member of the London Bullion Market Association, said a source. The bank says it is scaling back its commodities business.
The timing of the move is interesting as at the same time Germany’s top financial regulator, Bafin, has interviewed employees of Deutsche Bank AG as part of a probe of potential manipulation of gold and silver prices. Deutsche will be aware that the Libor-rigging scandal led to fines of about $6 billion.
Yesterday, Bafin said possible manipulation of currency markets and precious metals prices is worse than the Libor rigging scandal.
Elke Koenig, the president of Bafin, said in a speech in Frankfurt yesterday that the allegations about the currency and precious metals markets are “particularly serious, because such reference values are based — unlike Libor and Euribor — typically on transactions in liquid markets and not on estimates of the banks.”
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