Will Standard Bank take the seat at the gold and silver fixing table?
Duncan Richardson, News Editor
19 Feb 2014, 10:55 a.m.
It is emerging that South African Standard Bank is set to purchase Deutsche Bank’s seat on the gold and silver price setting process commonly known as the fix. Market insiders believe Standard Bank is in pole position to buy the seat if they want it and can agree a price. Importantly the deal would be accepted by the other four permanent members of the fix. So far neither bank has made comment on the potential sale.
Deutsche Bank announced their intent to withdraw from the fix following German regulator Bafin’s investigation into the bank over potential manipulation of the precious metals markets.
The last time a seat changed hands was in 2004 when NM Rothschild sold its seat to Barclays bank.