Posted on January 12, 2016 by Martin Armstrong
Deutsche Bank sold off its gold storage facility in London as it continues to exit from the financial markets and contracts back to being a core bank. The gold vault was bought by the world’s largest bank in terms of market value and assets under management, which believe it or not, is now the Industrial and Commercial Bank of China through its Standard Bank subsidiary. The vault opened its doors mid-2014 and can hold 1,500 tonnes (more than 50 million ounces of gold) and earns storage fees.
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