Page 32 - Bullion World Volume 3 Issue 1 2023

Bullion World | Volume 3 | Issue 1 | January 2023
International

news

China Announces Jump Deutsche Bank Seeks to

in Gold Reserves After Re-Join Key Gold Trading

More Than 3 Years

China reported increasing its gold reserves Club in London
for the first time in more than three years, Deutsche Bank AG has applied to rejoin the London
potentially supporting prices. According to Bullion Market Association — the world’s foremost
data on its website, the People’s Bank of China standard setter for gold trading — as the German lender
raised holdings to 63.67 million troy ounces as seeks to expand its trading unit. The LBMA application
of end-November, from 62.64 million in the prior “brings us into line with other banks that offer precious
month. In tonnage terms, last month’s inflow metal services,” Deutsche Bank said in a statement.
was about 32 tons, compared with a cumulative “It reflects the careful growth of our precious metals
106 tons reported over the ten months through business in recent years and growing client demand
September 2019. for our services.” The move, potentially cementing the
Source: https://www.bnnbloomberg.ca bank’s status in precious metals, is part of trading head
Ram Nayak’s effort to maintain momentum at Deutsche
Bank’s fixed-income business. Nayak’s unit has been
the lender’s most significant growth driver over the past
three years and key to Chief Executive Officer Christian
Sewing’s turnaround strategy.
Source: https://www.scrapmonster.com

LBMA launches the second version

of Global Precious Metal Code

The London Bullion Market Association (LBMA) has launched the
second version of its Global Precious Metal Code, which sets out
the minimum standards and best practices expected from market
participants in the precious metals market. This year, the Global
Precious Metal Code Working Group reviewed the code’s first version
and compared changes made in the updated versions of the Money Market and FX Codes. As such, they
considered matters such as remote working, diversity and inclusion; physical settlement risks; environmental,
social and governance factors; relevant financial standards and markets board standards; and responsible
sourcing guidelines.
Source: https://www.miningweekly.com

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