Deutsche Bank Resigns from Precious Metals Fix; No Buyer Found

Reuters reported that Deutsche Bank AG (NYSE:DB) is giving up its seat on the London precious metals fix even though it has not yet found a buyer for the post. That means starting May 13, 2013 only four banks will remain to set the gold price; just two will set the silver price.

As quoted in the market news:

Deutsche said in January that it would sell its seat at the fixing table, after its decision to withdraw from the bulk of its commodities business. It had held the seat for two decades.

Industry sources said only a handful of candidates had emerged to buy Deutsche’s seat.

‘It was a case of not being able to agree on terms,’ the source close to the matter said on Tuesday.

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.

Click here to read the full Reuters report.