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5 "Tells" that the Stock Markets Are About to Reverse

Deutsche Bank Tries To Explain Inability To Deliver Physical Gold

Commodities / Gold and Silver 2016 Sep 05, 2016 - 03:55 PM GMT

By: GoldCore

Commodities

The debacle involving Deutsche Bank’s failure to deliver physical gold from the Xetra-Gold exchange traded commodity (ETC) continued on Friday after a press release from Deutsche Bank. Zero Hedge covered the “non-response” from the beleaguered German bank over the weekend:

And so another non-response, because in the same press release Deutsche Bank both admits that it has an obligation to deliver the gold “as a matter of course”, and then tacitly confirms that it failed to do so, by first saying that it evaluates the “economic efficiency of physical delivery”, something it should have no right to do since the Xetra prospectus explicitly mandates that it should release gold on demand, and then adds that “should an investor’s request for the handover of physical gold not have been complied with immediately in individual cases, this will be reviewed and an individual solution will be found with the client.”


As we already know, this handover of physical gold failed on at least one occasion, and while we are comforted that Deutche Bank is reviewing the situation and a “solution will be found with the client”, it certainly does not even remotely explain why the situation should have arisen in the first place.

However, what is most notable is how quickly every entity involved in this failure to deliver, from Xetra-Gold, to Deutsche Börse, and ultimately to Deutsche Bank, responded with an attempt to placate public concerns about the availability of physical gold with statements that may have, paradoxically, only raised concerns whether the gold is in fact still there.

It remains to be seen if this one individual case spills over, and leads to more gold redemption requests, first at Xetra-Gold as well as at other similar “gold-backed” ETFs. We will promptly report any notable development in this fascinating escalation of a topic that has been near and dear to many gold bugs’ hearts for years.

As we wrote on Friday and emphasise again – paper is paper, digits are digits and gold is gold. Gold is not a safe haven unless the buyer owns actual physical gold in the safest way possible.

7RealRisksBanner

Why take chances with your safe haven asset and money? Test your gold investment vehicle or provider today and see can you take delivery of at least some of your allocation to gold.

If you can’t take delivery of physical gold, you don’t own gold. If you cannot hold your gold, you don’t own your gold. Possession remains 9/10s of the law. This will especially be the case in the coming global financial and monetary crisis.

Gold Prices (LBMA AM)

05Sep: USD 1,328.30, GBP 9,996.23 & EUR 1,189.49 per ounce
02Sep: USD 1,311.50, GBP 1,987.95 & EUR 1,172.74 per ounce
01Sep: USD 1,305.70, GBP 1,985.80 & EUR 1,172.13 per ounce
31Aug: USD 1,314.45, GBP 1,000.30 & EUR 1,179.19 per ounce
30Aug: USD 1,318.85, GBP 1,008.39 & EUR 1,180.90 per ounce
26Aug: USD 1,324.90, GBP 1,002.95 & EUR 1,173.33 per ounce
25Aug: USD 1,324.50, GBP 1,001.06 & EUR 1,172.98 per ounce

Silver Prices (LBMA)

05Sep: USD 19.46, GBP 14.60 & EUR 17.43 per ounce
02Sep: USD 18.75, GBP 14.15 & EUR 16.76 per ounce
01Sep: USD 18.65, GBP 14.08 & EUR 16.73 per ounce
31Aug: USD 18.74, GBP 14.27 & EUR 16.82 per ounce
30Aug: USD 18.78, GBP 14.35 & EUR 16.82 per ounce
26Aug: USD 18.67, GBP 14.15 & EUR 16.54 per ounce
25Aug: USD 18.50, GBP 14.02 & EUR 16.39 per ounce

This update can be found on the GoldCore blog here.

Mark O'Byrne

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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

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