AichiInternational.com - Germany Launches Metals Price-fixing Probe.
Aichi International: The German financial regulator, BaFin, is examining gold and silver price-fixing procedures at several banks.
Ohio (I-Newswire) February 12, 2014 - AichiInternational.com, In the aftermath of LIBOR rate-rigging scandal involving several global banks, the German financial regulator, BaFin, is examining the benchmarking process that fixes the price of precious metals like silver and gold at the country's largest banks.
Precious metals' prices are fixed daily in London by five so-called bullion banks including Deutsche Bank and BaFin is stepping up scrutiny after the LIBOR scandal that saw several banks fined billions of dollars for their participation.
"Conspiracy theorists have long speculated that gold and silver prices are deliberately suppressed by bullion banks acting as agents of global central banks who are keen to ensure that fiat or paper-based currency remains the main medium of exchange," said an Aichi International.
BaFin's probe comes as the UK's Financial Conduct Authority scrutinizes the process by which prices are set in the multi-trillion dollar gold market.
"The so-called "London Fix" is the price used by mining corporations, jewelers and central banks to buy and sell the metal and it's published twice a day by Barclays, Bank of Nova Scotia, Deutsche, HSBC and Societe Generale," said the Aichi International European markets analyst.
BaFin has not identified which banks are being investigated but its spokesman said that the probe was part of the regulator's general review of benchmark rate and price-setting procedures within the German financial sector.
Deutsche Bank declined to comment when asked if it was being investigated as part of the probe.
International360 Company Description - Our team works with you to create outstanding public relations strategies, promote positive awareness and visibility, and deliver superior client service and targeted results. We work with a variety of different clients in a variety of industries .
International360 provides PR support for diverse businesses, delivering success in newspapers, magazines, TV, radio, websites, blogs, social networks and other online channels.
International360 Company Description - Our team works with you to create outstanding public relation More..s strategies, promote positive awareness and visibility, and deliver superior client service and targeted results. We work with a variety of different clients in a variety of industries .
International360 provides PR support for diverse businesses, delivering success in newspapers, magazines, TV, radio, websites, blogs, social networks and other online channels.Less..
1841 Goldie Lane, Harrison,
Published On:February 12, 2014
Print Release:Print Release
If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.
TDI Presents Tata's Manza - the Gold Car Partner of the India Fashion Week
New PAMM Manager - Estimated Returns of 15% Monthly!
Safetech Hardware Launches a New and Designer Style for Gate Latches
Knoxville, TN Workshop Addresses Why Salespeople Fail and What To Do About It
Goldaffiliation.com Announces Italian Affiliate Programs That Are Smart And Professional