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Germany again: Deutsche Bank quits gold price-setting as regulators investigate fix

Section: Daily Dispatches

By Eric Onstad
Reuters
Friday, January 17, 2014

LONDON -- 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. ...

A source close to Deutsche said on Friday it was seeking to sell its gold and silver fixing seats to another member of the London Bullion Market Association.

But Deutsche's decision may foreshadow moves by other fixing banks, a source in the London precious metals market said. "It wouldn't surprise me if the other banks were looking at pulling out as well. Why would they want the aggravation?" said the source, who declined to be named. ...

... For the full story:

http://www.reuters.com/article/2014/01/17/deutsche-gold-fix-idUSL5N0KR19...



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