TICKING FINANCIAL TIME BOMB? Deutsche Bank ‘refuses’ customer demands for gold withdrawals
DEUTSCHE BANK is ‘refusing’ to hand its OWN customers gold they have purchased through an investment venture.
By ZOIE O’BRIEN
Express.co.uk
Thu, Sep 1, 2016
Germany’s biggest bank has been accused of breaking the terms of bond sales by financial experts.
The trouble-hit bank is reportedly currently contemplating a merger with Germany’s other mega-bank, Commerzbank.
Clients who have invested in the exchange-traded commodity “Xetra-Gold” have said they are having problems with the bank, according to German analytic website Godmode-Trader.
Xetra-Gold is a bond on the Deutsche Börse commodities market, and Deutsche Bank is a designated sponsor.
When purchasing the commodity in the virtual sphere, customers are told for every scrap of the precious metal they buy, the same amount of physical gold exists.
On the website, Xetra-Gold says its clients have the right for physical delivery of the gold when they please.
But customers have said they have asked for it – and have been denied by Deutsche Bank.
The physical gold is reportedly held in custody for the issuer in the Frankfurt vaults of Clearstream Banking AG, a wholly-owned subsidiary of Deutsche Börse.
On its website, Xetra-Gold states: “In order to facilitate the delivery of physical gold, the issuer holds a further limited amount of gold on an unallocated weight account with Umicore AG & Co.”
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