Saturday, December 14, 2013

Deutche Bank investigated for Gold price manipulation

DB is a major Forex trading bank, according to figures DB is the largest FX trading bank in the world.  So when they are investigated for Gold price manipulation, FX traders should listen.  Probably all traders should listen, but the implications for FX are uniquely disturbing.
Dec 13 (Reuters) - German banking regulator Bafin has demanded documents from Deutsche Bank as part of a probe into suspected manipulation of benchmark gold and silver prices by banks, the Financial Times reported, citing sources.
Bafin has interrogated the bank's staff during several on-site inspections over the past few months, the newspaper said on its website, citing people familiar with the matter.
Currently, gold fixing happens twice a day by teleconference with five banks: Deutsche Bank, Bank of Nova Scotia-ScotiaMocatta, Barclays Bank Plc, HSBC Bank USA, NA and Société Générale. The fixings are used to determine prices globally.  Full story
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