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Gold in German Depots: Financial Supervisory Authority inquires Data

BaFin (Foto: Kai Hartmann Photography / BaFin)

German BaFin inquires information about gold derivates stored in German depots.

Goldreporter obtained information that the Federal Financial Supervisory Authority (BaFin) has asked German banks and investment intermediaries in a letter, to hand over data about their clients investments in precious metals until mid-July.

The state wants to know how much money Germans have invested in gold and silver. Information provided to Goldreporter shows that the BaFin requested copious information about client investments in precious metals from German banks and asset managers. But the requested information is only about derivatives.

The letter shown to Goldreporter says:

“Objects of this inquiry are securities according to § 2 par. 1 WpHG (Securities Trading Act) that include certain precious metals or groups of precious metals as reference value, as well as shares in precious metals according to § 2 par. 2b WpHG, § 1 par. 1 KAGB (Capital Investment Act) with certain precious metals or groups of precious metals as reference value.”

Explicitly mentioned are: Exchange Traded Funds, Exchange Traded Commodities and Certificates – gold, silver, platinum and palladium are considered to be among. BaFin asks for information from 2013.

In the context of the inquiry the recipients are asked to give information about which of the aforementioned products had been offered, to how many customers and to what degree the products have been sold (volume of orders), and by which methods those products had been recommended to customers. The letter contains a printed spreadsheet to fill out, and in case none of the products were brokered BaFin asks the recipients for a “nil report”. 

The document doesn’t indicate what exactly BaFin needs this data for. An answer to our request at the BaFin is yet pending. 

BaFin has been inquiring alleged gold price manipulation for more than a year now, especially at the Deutsche Bank, which the investigation of German gold investments could possibly be related to. They could be interested in the extent of potential damage caused to investors by gold price manipulation.

Important notice: The inquiry does not concern physical precious metals, and data directly related to clients is not requested.

Update (09.07.14): BaFin told Goldreporter in a written statement that the inquiry was routine and that the probe does not relate to investigations on alleged gold price manipulation by Deutsche Bank.

Deutsche Fassung

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