Deutsche Bank 'refuses' customer demands for gold withdrawals

[PureGold]

http://www.express.co.uk/news/world/706396/Deutsche-Bank-Germany-customer-demands-gold-withdrawals

[George]

Hehe auch! If you dont hold it, fold it lol they Are all gonna rush into the Real market at some point, if they have some free cash available.


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[Bumble]

Xetra is an exchange traded commodity fund, similar to GLD. It is unallocated, but gold-backed with right of delivery, although the Ts&Cs reserve the right to settle in cash (euros). Deutsche Bank is the custodian and has apparently said that it will no longer deliver physical gold. ETFs are a tool for speculating on the gold price, not for acquiring gold.

[sovereignsteve]

What do you expect? They are bust and have been running a Ponzi scheme.

[PureGold]

Hopefully it will wake a few people up who think they own gold 

Deutsche Bank is a dead bank walking and once it goes insolvent it could end the whole system

[Scuzzle]

I think when things do collapse and there is a post mortem we will be horrified at what has really been going on behind the scenes, there must be a massive juggling of funds on a global scale.

[bongobill]

Are people really that dumb as to think they'd give them physical? Heck why would you enter a contract that lets them settle with cash in the terms if physical is what you aim for? There is absolute truth that if you don't hold it you don't own it. I'd say that goes for independent private vaults too. Any paper speculation should only ever be what you can afford to lose.

[SilverTanner]

I do use ETFs to trade PM prices however I don't consider it any different to holding any other share, as I follow the spot prices it is easy to do. The gold I can touch, mainly sovereigns, is the 'real' stack.

ST

[richo]

Would love an audit of paper gold v real....

[Scuzzle]

4 hours ago, richo said:

Would love an audit of paper gold v real....

Thing is there must come a time when there is a disconnect between the two so massive that it simply has to be addressed.  Comex and London deal in paper, Chinese Shanghai Exchange deals solely in physical.  at the moment there is an arbing opportunity of $8 between the two but what happens when 100 paper contracts to every ounce becomes 200, then 400 etc.  There has to come a time when the Chinese put a stop to it.

[Stu]

7 minutes ago, Scuzzle said:

Thing is there must come a time when there is a disconnect between the two so massive that it simply has to be addressed.  Comex and London deal in paper, Chinese Shanghai Exchange deals solely in physical.  at the moment there is an arbing opportunity of $8 between the two but what happens when 100 paper contracts to every ounce becomes 200, then 400 etc.  There has to come a time when the Chinese put a stop to it.

Yes but not while they are scooping up all that lovely cheap gold from the west. When they have enough or there is a seismic change in power that evolves from another direction they may stop it. I remember reading somewhere, can't remember source unfortunately, however they were suggesting that China invest up to double spot price at that time to extract gold from their own mines. If this is true it speaks volumes. 

[PureGold]

The man who, unbelievably, predicted the collapse of the euro against the Swiss franc in 2015, today sent King World News a brief note about Deutsche Bank’s failure to deliver gold and issued a dire warning.

http://kingworldnews.com/ssues-dire-warning-about-deutsche-banks-failure-to-deliver-gold/

[PureGold]

Deutsche Bank Tries To Explain Why It Did Not Deliver Physical Gold, Fails

http://www.zerohedge.com/news/2016-09-02/deutsche-bank-explains-why-it-failed-deliver-gold-demand-solution-will-be-found

[PureGold]

http://www.telegraph.co.uk/business/2016/09/30/deutsche-bank-rout-deepens-shares-plunge-below-10-for-first-time/

[sovereignsteve]

Yes, 10€ is a significant psycological level. This could get nasty.

[Paul]

When i a sneeky look at their share price yesterday, it is now down over 90% from its highs in 2007/2008

[Paul]

Remember way back to 2007/2008 when Lehman went belly up we as a country didn't even realise our own Northern Rock, RBS, Lloyds were even exposed to high levels of toxic debt and bordering on insolvency

Not a day goes by without being told of how bad shape banks and countries are in, Deutsche bank 'official' figures dwarf the figures of back then

This big game of financial 'musical chairs' or 'pass the (debt) parcel' the music has to stop sometime or at least be paused

[Scuzzle]

If the hedge funds are withdrawing their funds where are they putting it?, does not look like it's going into gold.

[Oldun]

Hedge funds will have positioned themselves to the short side way before this to drive it into the ground and profit from it. They will try to drive it to such levels that the politicians blink and save the bank using taxpayers' money which they will then gobble up too on the way up. The banks and politicians are already spouting how they wont intervene to bail out.. imagine what the Greeks are thinking watching all this play out. If the Merkel bails the bank out, they will go nuts !

[sovereignsteve]

back up again

http://www.zerohedge.com/news/2016-09-30/rumor-causing-spike-deutsche-bank-shares

[barsenault]

Wow, this is some scary stuff, for sure.  Thanks to numistacker, I'm at this site.  Thanks Numi!!