Sunday, January 24, 2021

Tag: Scotiabank to end its metals business

Scotiabank to end its metals business

by Lawernce Thomas, Gold Telegraph:

According to the financial post, Scotiabank told its staff today that it would close its metals business. Scotiabank has long been one of the premier names in precious metals trading as for years the business has been one world’s biggest lenders in the industry with its history stretching  as far back to 1684 as that was the inception of Mocatta Bullion, which Scotia purchased in 1997.

The bank has downsized its gold business considerably following the 2018 money- laundering scandal which centred around a US refinery that smuggled gold from South America.