Update 4: Deutsche Bank- Gold not delivered "For Reasons of Business Policy"
That is not hyperbole. At best it is a mistake. At worst it is true. If a mistake, the retraction or denial should be coming 30 minutes ago. And the chairmen of all involved firms should be making simultaneous statements. They are not. That is because right now they are likely squabling and surrounding themselves with lawyers trying to figure out who the patsy is. The patsy is us.- Soren K
- Logistics errors were compounded with Bureaucratic responses- from our experience (see below), that is possible, but the structure and division of control vs responsibility is no accident. It is set up to bottleneck things if there ever were a delivery issue. Throttle demand when a rush comes. Similar to being able to subscribe to a mailing list but it being near impossible to remove yourself. A hallmark of Fractional Reserve Banking BTW.
- Deutsche Bank doesn't have the Gold available or doesn't want to give it up
Thus far we've gotten no real answer from DBE or DB that wasn't designed to throttle efforts at uncovering truth. So we asked Oliver Baron of Godmode to answer a couple questions. He did and also pointed out errors on our part
First our question:
What were the actual reasons that DBE would/could not provide you with another delivery point? Do you fel that DVBE was running a roadblock for DB. Orthat DBE representatives were inept in theri handling ofthe situation? or something else?- Sorenk
Here is Olver's response in full. Errors on ourpart have since been corrected. One of which was our delusion that this could have been in fact a buraeucratic or administrative "mix up" as Deutsche Borse's Patrick Kalbenn would have us believe:
It is no Longer Possible to Take Delivery "For Reasons of Business Policy"
The Risk is in Assuming you will Get your Gold now
While officials at Xetra, Deutsche Borse, and Deutsche Bank are right now getting their story straight, putting out backroom fires, we the public that were sold on this product as being backed to the ounce by Gold are choking on the smoke.
Make your own decisions. But we would personally remove our gold from that product in light of this information and in light of other firms involved NOT making a strong stand to protect the credibility of their product from the beginning
As to other products, We are sure that if this spreads they may begin tracking Gold at a discount to price, much as cash settled swaps trade under physically settled ones.
Paper gold is looking to be just that. Who do you trust?
Be Careful, now more than ever
- Update-3: Deutsche Boerse responds to Xetra-Gold Delivery Allegations
- Oil Report: Break under $40 in the Cards
- Technical Update: Gold Holding $1290 gets you $1349
Read more by Soren K.Group