- Curse of the London Gold Fix Strikes Again as SocGen Abandons Ship
by Ronan Manly, BullionStar.com,via https://www.zerohedge.com/
News last week from the LBMA that French bank Societe Generale (SocGen) has resigned as a market maker for gold and silver continues an exodus from the London bullion markets that has included such former heavyweight bullion banks as Barclays, Deutsche Bank, Mitsui and Credit Suisse.
Indeed, SocGen, Deutsche Bank and Barclays were three of the five members of the infamous London Gold Fix which was hurriedly buried by the LBMA in 2015, so now an incredible 60% of that gold fixing clique have stepped back from the shadowy world of the London paper gold and paper silver markets.
Another member of that former gold ‘fixing’ cartel, Scotia Mocatta, is itself a diminished force following a failed sale and subsequent reorganization under the continued ownership of Scotia Bank. The casualties of the still active London Gold Market Fixing Limited are now looking so severe that the entire former gold fixing cesspit looks cursed. So is it just a matter of time before the fifth member of the infamous syndicate, HSBC, runs into some type of trouble?