Xetra-Gold: Deutsche Börse und Deutsche Bank beziehen Stellung

geht doch

upps !!!!!

DBE response Email http://www.marketslant.com/articles/update-deutsch...

The Response

Xetra Gold feedback of issuer

patrick.kalbhenn@deutsche-boerse.com Today, 4:36 AMSoren K
Hello Soren,
as I wrote in my email above one hour ago, please find attached the website statement of Deutsche Börse Commodity GmbH's management in English:

The question was raised in a current article on an investor website of whether physical gold can in fact be delivered without any problem.
Deutsche Börse Commodities GmbH stresses that owners of Xetra Gold units can exercise their right to delivery of securitised gold at any time. The gold is delivered by the bank branch on which the investor has its securities account – on the condition that the branch offers this service, as the gold can only be delivered through the investor's custodian bank. Deutsche Börse Commodities GmbH may be contacted by investors as well as banks at any time should the custodian bank have any questions or problems.
Since the introduction of Xetra-Gold in 2007, investors have exercised this right 900 times, with a total of 4.5 tons of gold delivered.

Please find some further important background information regarding the product and the original article on the German website Godmode Trader:
Neither Xetra nor Deutsche Bank are the issuer of the exchange-traded commodity “Xetra-Gold”.
The issuer of Xetra-Gold is Deutsche Börse Commodities GmbH, based in Frankfurt Main, Germany. It is a joint venture between Deutsche Börse AG and the banks Commerzbank AG, Deutsche Bank AG, DZ BANK AG, B. Metzler seel. Sohn & Co. KGaA, along with Swiss-based Bank Vontobel. Umicore AG & Co. KG, a subsidiary of Umicore S.A., which operates several gold refineries across the globe and manufactures gold bars, is also a partner. The partners bundle their exchange, financial market, settlement, custody and logistics expertise with the aim of providing an efficient and transparent market in the financial centre of Frankfurt for gold trading in Europe.
Deutsche Börse AG organizes trading, clearing (anonymously via the central counterparty) and settlement of the transactions. Clearstream Banking AG stores the gold in its vaults in line with highest security standards and oversees that each unit of Xetra-Gold is always covered by exactly one gram of physical gold.
(You find this information here: https://www.xetra-gold.com/en/about-us/)
For delivery of the physical gold, investors should contact their own bank (bank of investor’s security account) for exercising the right of receiving gold. For operational reasons, gold can only be delivered via a branch of a bank – on the condition that the specified branch offers this service. The investor's client advisor applies for delivery to the bank maintaining the investor's securities account.
The article on the German website Godmode Trader describes a case, where an unknown person who seemed to have issues with the gold delivery when he entered a banking branch of Deutsche Bank asking for the gold delivery. The article further claims that he got the information that this branch does not offer the delivery service for clients anymore.
This has explicitly nothing to do with the general process of delivering Xetra-Gold to investors. Of course, delivering gold to customers is still possible.
You find detailed information on Xetra-Gold’s delivering process here: https://www.xetra-gold.com/fileadmin/user_upload/Downloads_English/Brochures/Ausuebung_XetraGold.pdf

Thanks a lot,
Patrick

That is it for now. We will be sure to update you as more information is forthcoming. It is our goal to provide a comprehensive recap and to be objective in our own analysis. WE have used restraint in our opinions based on our experiences and own integrity in matters such as these. But we also do not need total metaphysical certainty to call something what it is. Which we will do if it comes to that.

if we were DBE we'd be getting ready to be sued by Xetra to cover their own potential breach of covenant. Ultimately this will be between DBE and Deutsche Bank. itwill either be a logistical/administrative mix-up, or DB didn;t have the Gold and instructed branches ot not beavailable and DBE to run interference, or something wemissed that is much less/more nefarious- Soren K

oliver:

http://www.marketslant.com/articles/update-deutsch...

Personal Examples of Gamesmanship and Delaying Delivery

This has happened to us on several occasions. The first 2 that show that a bank is actually able to refuse to dispense and worse, refuse to accept US currency at its branches if it doesn't have room. With no obligation to accommodate the person trying to deposit said cash via another branch. The third example shows how Banks can do what ever they want so long as the other side of the trade is fragmented and has less capital then they do.

We requested large sum of currency in change once AND COULD NOT GET MONEY "We don't have that kind of currency here" how do i get it? "It will take 4 weeks. We will take delivery of as much as our vault can handle and you can pick it up" What if I want it now? which branch has that amount? None, we use an outside firm to warehouse change and do not have that volume on hand in the tri-state area. We have to request it We tried to make delivery of a large sum of change AND THE BANK REFUSED OUR CASH every bank said NO. They could not take that volume of change They all told us to contact an outside change service like Loomis, Brinks, or any other firm they had a contract to deliver with Loomis actually refused nickels in its own wrappers saying it had to be counted at the bank- Bank doesn't have room, see loomis. Loomis needs bank to count it! On occasion we took delivery of Silver to arb the contango at rollover time. AND WE HAD TO PAY FOR SILVER WE DID NOT RECEIVE YET Sometimes delivery receipts weren't in our hands until after we had sold it out again, 3 to 5 days later The FCM wanted its cash next day after we declared taking delivery BUT the receipts for the Silver weren't in our hands until 3 days after we had sold the physical back out

We later learned why this happened. Two potential reasons were given by a "Player" in the market

They didn't have it and had to lease it- this was during the PhiBro short squeeze They wanted to give you the "heavy" Silver. I.E, bars with the highest % of impurities but still under the wire for the standard Our Request for Information

Our email to them

From: Soren K. WallSt.Whisperer
Sent: Thursday, September 1, 2016 5:08 PM
To:XXXXXXXXXXXX
Subject: Re: Xetra-Gold -MarketSlant.com

Gentlemen,

MarketSlant has withdrawn the story in good faith after being alerted of the situation. We would like the reciprocal courtesy of a written response explaining the mix up. Your response will be published to satisfy our readers on the topic with no editorial comments at that time. A copy of your press release in the body of an email would be effective in showing your seriousness and for our audience.

Regards, Soren K.

Herren,

MarketSlant hat die Geschichte in gutem Glauben zurückgezogen, nachdem Sarah mich an die Situation aufmerksam gemacht. Wir möchten die gegenseitige Höflichkeit einer schriftlichen Antwort Erklärung der Verwechslung . Ihre Antwort veröffentlicht werden unsere Leser über das Thema ohne redaktionelle Kommentare zu dieser Zeit gerecht zu werden. Eine Kopie Ihres Pressemitteilung im Körper einer E-Mail würde , um Ihr Ernst wirksam sein und für uns, unsere Glaubwürdigkeit mit unserem Publikum zu halten.

Soren K.

Deutsche Borse Responds

About the Response

It addresses the single person's attempt as isolated stating that particular branch was not in a position to deliver to him- so far so good It says : Delivery of Gold is still "possible"- is this lost in translation? Because possible is not a strong word. We'd like to hear mandated or necessary to our product's integrity. We'd like to hear emphatic words like in their press releases. Words that do not equivocate. Or just an answer of"how" other than a repost of the rules DBE spokesperson Patrick Kalbhenn does address that the particular branch did not deal in Gold deliveries. Fair enough. But he goes on to say that it has"nothing to do with our process. So what does? Oliver Baron of GodMode also claims he contacted DBE seeking other branches and the person on the other line was unwilling/unable to help him- why was that not addressed as true and a mix up or not true at all?

The lack of certainty, the hesitancy to use superlatives in defending their mandate to deliver Gold, and the utter lack of counterpoint to the GodMode's trade's claims on give us pause.

Tja Herr Baron, da haben Sie mit Ihrem Artikel so ein bisserl ins Wespennest gestochen. Sehr schön. Ich mache jede Wette, das so mancher Bankberater dieser Tage mit höchst unangenehmen Fragen seiner Kunden konfrontiert wird. Wenn es zu massiven Turbulenzen an den Märkten kommen sollte, wird für die Papiergoldhalter die Stunde der Wahrheit schlagen und in diesem Zusammenhang dürften dann auch die COMEX oder der SPDR-Gold-Trust für wenig erfreuliche Schlagzeilen sorgen

Es ist schon einigermassen erschreckend, dass selbst hier bei Godmode eine Anzahl von Leuten so naiv ist zu glauben, dass Papiergold in Krisenzeiten in Echtgold eingetauscht werden kann. Das Gegenteil ist der Fall - das zeigt die Geschichte!!

Dank an Oliver Baron für den Wind, den er im Karpfenteich (eigentlich sinds ja Haie) veranstaltet hat!