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China's Largest Bank Is Quietly Cornering The Market For London Physical Gold
We have followed the ownership changes of London's massive vaults with keen interest ever since our December 2014 article when we reported that Deutsche Bank's gold vaule was for sale in "Massive 1,500 Ton Gold Vault For Sale In The Heart Of London, One Previous Owner, Asking £4,500,000 O.B.O." The fate of that particular vault was revealed earlier this year when Reuters reported that none other than China's largest bank, ICBC Standard Bank, was buying the lease on Deutsche Bank's London gold and silver vault, "enlarging its footprint in the city's bullion market"
First, It Was "Fu$k the Fundamentals", Now "It's Fu$k Contracts, Too" - Negative Rates Are Doing So Well in the EU!
Exactly one year and one month ago, I penned "Fu$k the Fundamentals!": Negative Rates In EU Will Absolutely Wreck the Very System the ECB Sought to Save" a piece that warned of the consequences of the EU negative rate policy and how it would effect Spain and Denmark among other EU nations, in particular. To wit:
Libya's Central Bank Has $184 Million In Gold In Its Vault... It Just Doesn't Know The Combination
Imagine a world in which the chief of a central bank didn't have access to cash.
Libyans waited to withdraw money from an ATM. A currency shortage has roiled the country, which is struggling with an Islamic State insurgency
Liquidity Problems? Deutsche Bank Offers 5% Yields If Depositors Lock Up Their Money For Three Months
One of the reasons why central banks around the globe have flooded the financial system with trillions in excess reserves is to make sure that banks no longer have to rely on potentially fleeting short term deposits (and is also why negative interest rates have become the norm in so many part of the world, that $10 trillion in bills and bonds now trade with a negative yield).