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Central banks soon may not have any intermediaries for rigging gold

Section: Daily Dispatches

Deutsche Bank Resigns Gold, Silver Fix Seat with No Buyer

By Clara Denina
Tuesday, April 29, 2014

LONDON -- Deutsche Bank has resigned its seat on the London precious metal fixes without finding a buyer, a spokesman for the lender said today, leaving four banks to set the global gold price benchmark under increasing regulatory scrutiny.

Sources told Reuters last week that Deutsche's attempt to exit the fix was likely to end without a buyer as U.S. lawsuits alleging price-rigging by the five banks that set the benchmark had turned potential suitors cold.

A source close to the matter said the bank gave two weeks' notice and that it would cease to be part of the price-setting process as of May 13. ...

Deutsche's resignation leaves Barclays, HSBC , Bank of Nova Scotia and Societe Generale to set the gold benchmark, and just HSBC and Bank of Nova Scotia to set the silver benchmark. ...

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