The German bank's return to the precious metals market is its latest move to expand the company's trading arm, according to a Bloomberg report.
The bank said in a statement that its application to the LBMA "places us on par with other banks offering precious metals services." “This reflects the robust growth of our precious metals trading business in recent years and growing customer demand for our services,” Deutsche Bank said in a statement. In 2016, Deutsche Bank became the first precious metals bank to settle a $60 million private antitrust lawsuit filed in the US.
The bank also paid $38 million to settle a similar manipulation lawsuit filed by silver investors and traders. He also agreed to cooperate with market regulators in investigating allegations of manipulation. Over the past eight years, many bullion trading banks have faced other allegations of manipulation. They have also received significant fines from global financial regulators for colluding and manipulating prices.
Deutsche Bank estimates that the manipulation scandal is now behind us and the bank can once again focus more on the always profitable gold trade. Of course, also because in the coming years the value of gold will increase due to new crises and a huge build-up of world debt. With renewed access to the London gold market, Deutsche Bank's gold business could be placed on an entirely new footing internationally.