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CHINA’S ICBC STANDARD BANK GAINS FOOTHOLD IN LONDON GOLD MARKET

Reuters reported on January 8th  ” ICBC Standard Bank is buying the lease on Deutsche Bank’s London gold and silver vault, enlarging its footprint in the city’s bullion market, four industry sources close to the companies said on Friday.

“China’s ICBC, which took a controlling stake in Standard Bank’s London-based Global Markets business last year, has also applied to become a clearing member of the London gold and silver over-the-counter business.

“No one at ICBC Standard Bank was immediately available to comment and Deutsche Bank declined to comment. The Chinese and South African lender is aiming to fill the gap left by Western banks, which are retreating from commodities to cut costs and reduce regulatory burden..

LINK TO REUTERS ARTICLE

 

 

 

 

LONDON, Jan 8 ICBC Standard Bank is buying the lease on Deutsche Bank’s London gold and silver vault, enlarging its footprint in the city’s bullion market, four industry sources close to the companies said on Friday.

China’s ICBC, which took a controlling stake in Standard Bank’s London-based Global Markets business last year, has also applied to become a clearing member of the London gold and silver over-the-counter business.

No one at ICBC Standard Bank was immediately available to comment and Deutsche Bank declined to comment.

The Chinese and South African lender is aiming to fill the gap left by Western banks, which are retreating from commodities to cut costs and reduce regulatory burden.

 

About Me, The Goldwatcher & The Globewatcher

I started blogging on gold in March 2007 after Wiley  commissioned me to write

The Goldwatcher – Demystifying Gold Investing.

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The Goldwatcher was published in 2008.  Within a few months after publication The Lehman Brothers liquidation and the Global Financial Crisis folIowed.   Since thenThe Goldwatcher blog has been more and more about geopolitics and macroeconomics and less and less about gold.

The Goldwatcher blog published from  2007 to late 2014 was corrupted in the course of a software download. Previous Goldwatcher postings will be included in this blog as soon as the website is restored.

This new  Goldwatcher  blog  will initially headline news and comment on matters affecting supply and demand for gold and the gold price.

TheGlobewatcher.com has commenced headlining news and comment on macroeconomic and geopolitical issues

Commentary and analysis on both sites will follow when the book on moneyprinting I am presently writing reaches the editor.

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John Katz – thegoldwatcher@icloud.com

Twitter: @JohnKatzGoldwatcher