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Germany: Deutsche Bank abandons gold fix seat without a buyer

By  |  April 30, 2014

German bank Deutsch Bank has reportedly exited its position on the panel that sets the benchmark cost of gold and silver without finding a replacement, leaving the four remaining banks to set the prices as gold price-fixing allegations continue to plague the institutions.

Reports say Deutsche Bank announced its resignation from the fixes on Tuesday; a source said the bank gave two-weeks notice of its departure.

Earlier reports had predicted Deutsche Bank would not likely find a buyer to fill the position due to ongoing litigation that accuses the five banks of manipulating gold prices.

The German bank had been on the fix for two decades.

Full content: Reuters

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