Deutsche Out, China In for the Fix?
[Ed. Note: Funny, Germany only received HALF of the first shipment of gold from the Fed, and within in two weeks accusations of manipulation and then dropping out of the hundreds years old "fixing". Very funny indeed. ~MRH]
by Adrian Ash, MineWeb.com
GERMAN regulator says “accusations of manipulation” in London gold and silver “are serious”. Big German bank then quits London’s benchmark fixings for gold and silver prices the very next morning.
If that’s a coincidence, it would be rare timing indeed.
Deutsche Bank suspended some of its New York FX traders on Wednesday, apparently as they’re being investigated for fiddling the world’s currency Fix benchmarks. Dr.Elke König, president of Germany’s BaFin, then pulled no punches in Frankfurt Thursday evening. She called for benchmark setters in all markets to lose commercial privacy, with price discovery moved to a centralized “government-supervised” exchange, plus criminalization of traders found manipulating such fixes.
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