zerohedge.com / by Tyler Durden / 04/29/2014 10:28 -0400
Three months ago, we discussed the increasingly close eye that regulators were keeping on Deutsche Bank (and in fact many other precious metal fix providers) as manipulation concerns shifted from conspiracy theory to conspiracy fact. At the time, Deutsche – among other banks – had suggested it would relinquish its role on the London Fixing committee and was actively marketing its seat to other LBMA members; the WSJ now confirms…
- DEUTSCHE BANK RESIGNS SEAT ON GOLD, SILVER FIX, GIVES TWO WEEKS NOTICE – SOURCE
This is hardly surprising given previous comments that possible manipulation of precious metals “is worse than the Libor-rigging scandal.” but it does leave us wondering who is left to do the manipulating? It seems no one wants to be part of the fixing process (critical for so many derivatives contracts) unless they are allowed to manipulate it to their own needs.