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Massive 1,500 Ton Gold Vault For Sale In The Heart Of London, One Previous Owner, Asking £4.5 BILLION O.B.O.

from ZeroHedge:

Back in June 2013, when Deutsche Bank opened a gold vault in Singapore which could hold up to metric 200 tons, the German bank was euphoric about the prospects for storing physical gold: “Gold has traditionally been stored in London, Zurich and New York, but there is a serious shift in dynamics going on as the global financial crisis continues to evolve,” Mark Smallwood, Deutsche Asset & Wealth Management’s head of wealth planning in the Asia-Pacific region, told The Wall Street Journal.

Mark was correct and thanks to the ongoing decline in gold prices, Chinese and Indian demand for the metal, the physical metal that is, not its various paper manifestations, has risen to record levels. Alas, one thing Mark did not know is that in early 2014, a German regulator would reveal that “precious metals manipulation was worse than the Libor scandal” and as a result the largest German bank (and largest bank in the world by notional derivative exposure) – which is currently being probed for gold-rigging – would quietly liquidate its entire physical precious metals trading group.

Read More @ ZeroHedge.com

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1 comment to Massive 1,500 Ton Gold Vault For Sale In The Heart Of London, One Previous Owner, Asking £4.5 BILLION O.B.O.

  • Ed_B

    Gotta love the word “notional” when applied to anything in the derivatives area. It implies that it has value because someone has a notion that it does. Well, lah dee dah. I have a different notion and that is that all of these derivatives are absolutely worthless crap that can and will totally f*** up the world’s financial system. That this crap is allowed to be bought and sold astounds me. That it can be done so with so much leverage is absolutely insane. We have banks out there that have a net asset value of $250B or so, yet are allowed to own derivatives supposedly worth $60-80 trillion! Let’s reduce the number of zeros a bit and create a real world example. Suppose that you owned a home that was worth $250k. Now, instead of owning an insurance policy that covers replacing this home, you instead take out thousands of policies that exceed the value of your home by about 300 times. Look! You have $75M worth of insurance on your $250k home. Would that be crazy or what? Hell, forget crazy, that would be illegal! That’s what these derivatives amount to… insanity… yet the banksters package it up all neat and nice as if it was something of real value when it is not. It is a scam and it is one that those who sell this crap work very hard to make sure that this insurance never has to pay off, because if it ever does, it will collapse the financial system of every nation that allows these to be bought and sold.

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