Bad news could spark a sell-off contagion that could lead to another global financial meltdown and a bail out by Angela Merkel’s government despite her opposition to German state intervention.
Analysts are warning that ultra high frequency trades triggered by machines could lead to a perfect storm and could have serious knock-on effects for other banks exposed to the firm’s risky assets book.
Germany’s largest lender has been hit by unprecedented sell-offs losing 52 per cent of its value in just a year and is struggling to ward off its crisis.
The bank has announced massive job cuts ahead of a £11.4billion fine from the US Justice Department.
And it has been muted that up to 5,000 jobs could go in America alone.
Now investors, including their biggest stakeholder Qatar, are said to be on edge as they get set to reveal their latest financial data. Deutsche Bank AG on Thursday posted an unexpected profit and set aside more cash to cover litigation costs amid talks aimed at settling mortgage-securities probes with U.S. authorities.
Third-quarter net income was €278 million ($303.1 million), beating analysts’ average expectations for a net loss of around €610 million. That compared with a net loss of €6 billion during the same period last year, driven by billions of dollars in write-downs as part of a companywide restructuring.
In the latest stunning development involving a documented failure of a bank to deliver physical gold when demanded, yesterday we reported that according to German website godmode-trader.de, a client of the Xetra-Gold Exchange-Traded Commodity was told the fund’s designated sponsor, Deutsche Bank, would be unable to deliver the requested gold. This was contrary to the explict reps and warrantiesmade explicitly in the Xetra-Gold’s prospectus, which said that investors are entitled to the delivery of the certified amount of physical gold at any time, and proudly added that “since the introduction of Xetra-Gold in 2007, investors have exercised this right 900 times, with a total of 4.5 tons of gold delivered.”
As the German article concluded: anyone who wants to easily convert their Xetra-Gold holdings into physical gold – at least for clients of Deutsche Bank – can do so only by selling their shares, and then buying gold coins or bars directly elsewhere. Which leads the author to the logical question: what is the worth of the Xetra-Gold service, which certifies the right to redeem physical gold, if said delivery is no longer possible? In other words, what was supposedly an ETC which promised physical delivery upon demand, is nothing more than yet another “paper only” play.
We asked another, more nuanced question: is the inability to deliver physical gold an issue with Xetra-Gold, or with the company’s “designated sponsor”, Deutsche Bank, and if the latter is suddenly unable to satisfy even the smallest of delivery requests by retail clients, just how pervasive is the global physical gold shortage?
Our report has stirred a significant response, both at Deutsche Bank, and at Xetra-Gold, which today filed an official response, one which can be read in German on the following page.
What is notable is that instead of immediately refuting the story – as it should have done if there is no breach of prospectus covenants – and declaring that any and all physical gold demands have and will be satisfied, Xetra took a very circular approach to responding, one which in effect confirmed our concerns, that the issue was not so much with Xetra, but with the sponsor bank, in this case Deutsche Bank. Gold Bank Invest Investment Commodity “Physical Gold” Trade Trader Germany “Deutsche Bank” Vault “Gold Vault” Frankfort Account “Bank Account” Umicore Gram Silver “Gold Bullion” “Silver Coin” “999 Gold” “999 Silver” “Savings account” “Binary Trading” “Sell Gold” “Cash 4 Gold” “Buy Gold” Asset Rich Wealth Millionaire Billionaire UK London “New York” Delivery Shipping “Elite NWO Agenda” economy news media entertainment future profit george soros jim rogers alex jones coast to coast am david icke exposed truth prepare demcad montagraph,
Clients of Germany’s biggest bank who have invested in the exchange-traded commodity Xetra-Gold are facing problems when they want to obtain physical gold, according to German analytic website Godmode-Trader.de.
Xetra-Gold is a bond on the Deutsche Börse commodities market, and Deutsche Bank is a designated sponsor. On the website, Xetra-Gold says its clients have the right for physical delivery of gold.
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