Germany’s Largest Bank Refuses “Deliveries of Physical Gold” After Customer Request

by | Sep 1, 2016 | Commodities, Conspiracy Fact and Theory, Headline News | 36 comments

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    Every share in gold is supposed to represent a certain amount of physical gold in storage, and be available on demand.

    But that’s not what happened when a customer asked for their gold at Deutsche Bank, the largest German bank participating in the gold exchange; instead, the bank officially refused physical delivery of gold after a request, stating a vague change in “business policy.”

    Is the real reason that such a request was refused that a surge of investors seeking a safe haven during a period of currency collapse has strained the bank’s meager deposits, and they don’t want to admit how short the position is?

    There isn’t nearly enough gold and silver to meet the obligations of everyone holding shares in these important commodities; banks lend out and leverage gold just as they do with other deposits.

    If enough people demand physical possession at one time, the bank or institution could be caught with its pants down, and it is possible that this is a case of avoiding that position by simply refusing to even meet that demand.

    Via RT:

    Clients of Germany’s biggest bank who have invested in the exchange-traded commodity Xetra-Gold are facing problems when they want to obtain physical gold, according to German analytic website Xetra-Gold is a bond on the Deutsche Börse commodities market, and Deutsche Bank is a designated sponsor. On the website, Xetra-Gold says its clients have the right for physical delivery of gold.

    Physically backed: The issuer uses the proceeds from the issue of Xetra-Gold to purchase gold. The physical gold is held in custody for the issuer in the Frankfurt vaults of Clearstream Banking AG, a wholly-owned subsidiary of Deutsche Börse. In order to facilitate the delivery of physical gold, the issuer holds a further limited amount of gold on an unallocated weight account with Umicore AG & Co.,” says Xetra-Gold.

    However, despite claims that every virtual gram of gold is backed by the same amount of physical gold, clients have been refused the precious metal upon demand.

    According to Godmode Trader, its reader “sought physical delivery of his holdings of Xetra-Gold. For this he approached, as instructed by the German Börse document, his principal bank, Deutsche Bank.” However, he was told that “the service” was no longer available for “reasons of business policy“. The article went on to say it’s not yet clear whether other banks are still delivering gold through Xetra.

    Xetra-Gold says its holdings amount to over 85 tons of gold. “At the same time, the number of deliveries of physical gold has risen to nearly 900, at a total volume of over 4 tons”, and the assets it manages reach €3.5 billion.

    This plays into reports that claim that there is a physical shortage of gold (and silver) and that demands for physical delivery will force major banks and depositories to admit what is an ultimately unavoidable fact: that they are long on promises, and short on deposits.

    If banks don’t have the deposits to hand over upon request, it amounts to fraud, and the system is full of enough fraud to collapse on its own weight.

    Someday, this will all come to a head, as economic experts have often pointed out:

    Paul Craig Roberts Warns US is Completely Busted, Non Delivery of Gold Crash the System 2016

    Similar pressures have been put on the Federal Reserve at the international level, as countries, ironically including Germany, have demanded physical repatriation of their gold.

    As SHTF previously reported:

    Germany, Switzerland, the Netherlands, and numerous other countries in Latin America and the Middle East are all demanding the return of their gold. Which countries will be left holding the bag? And which countries will be at the mercy of the accepted value of the offered reserve currency, perhaps in the form an SDR?:

    The German’s are demanding that the U.S. return all of the 374 tons of gold held by the Bank of France, and 300 tons of the 1500 tons of bullion held by the New York Federal Reserve.


    German repatriation has taken much longer than anticipated… the Fed calmly says they are accommodating their request at a reasonable pace.

    The whole system is a fraud, and the facade is starting to crack. If/when the paper money ignites, there will be nothing like holding onto the real thing.

    That’s why it may be a wise choice to physically hold gold, and store it in secure locations that you can actually access.

    Read more:

    The Ultimate Call: Will Federal Reserve Be Caught Without Gold in ‘Repatriation Rush’?

    The Yuan Ascends to World Reserve Status: “Dollar System Being Done Away With”

    Billionaire George Soros Dumps 37% of Stocks To “Buy Up Massive Amounts of Gold” But Why?


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      1. I’m willing to bet that in Germany there will be a run on pitchforks and torches… seeing that they’re not allowed to have guns in any quantity…

        • As well as tar and feathers.

          • The Germans can’t deliver gold, we stole it from them (the fed did anyway). Fookin pricks steal everyones gold and resources and, and, and…..

            • Or maybe I should say the brave troops stole the gold from Iraq, Lybia, Ukraine, etc. for the benefit of their masters.

            • Only a moron puts their money into worthless paper gold. A fool and his money soon depart.

        • Its called Rehypothification. There are over 500 paper gold owners to every 1 physical ounces of Gold. When the music stops. SOL as this guy just found out. People get all your assets out of the Banks NOW. Even safety deposit boxes. Put you faith in the Bank of Dirt and Shovel.

          Same with 401K’s. Its cheaper to take a 10% Tax penalty than loose 100%.

          But but but it says right here on this piece of paper I own it. LMFAO- NOT!! Next….


          • Here is a follow up Article regarding this Case, posted Friday AM 9/2 It’s a long article. If you want to know more facts on this. Link at the bottom.

            Update-3: Deutsche Boerse responds to Xetra-Gold Delivery Allegations


            Yesterday we ran a post on trader Oliver Baron nad GodMode trading’s difficulty and ultimate inability to get physical gold for its shares in an ETF called Xetra-Gold. As you can imagine, this is a hot-button for those of us who are aware that countries like China can and will confiscate Gold. A hot button because there is a real fear that Gold will increasingly be difficult to get form custodian vaults on demand. When the so called tin-foil hat conspirators are increasingly proven right by firms like Wiki-Leaks, one has to wonder at the integrity of all institutions. And so this is an attempt to recount Godmode’s issues, our coverage and DBE’s request for us to stand down until they explained everything. They did so at 10:35 AM their time. What follows is a play by play for the unitiated, and an attempt to organize the events in an easily digestible manner.- Soren K.

            First Let’s Identify the Players
            1.Xetra-Gold is a Bullion backed ETF created and branded by Xetra. Not unlike the Dow-Jones brand of indices
            2.Deutsche Borse Exchange (DBE) is the commodities exchange on which this ETF trades
            3.Deutsche Bank (DB)is the ETF’s sponsor
            4.GodMode Trading/ Oliver Baron is the shareholder who was rebuffed in his attempt to take delivery

            Chronology of Events
            1.GodMode claims that Deutsche Bank, the ETF sponsor and guarantor of the Gold backed ETF was unable to deliver the Gold an individual notaffiliated with GodMode sought delivery of

            From GodMode’s Oliver Baron in a posted response

            Oliver Baron Redakteur

            Soren K, unfortunately the postings on your site contain several factual errors. The gold delivery was NOT requested by me or by GodmodeTrader, but by a reader of our platform who showed us the relevant communication with Deutsche Bank.

            The DB branch told the customer that delivery was no longer possible for “reasons of business policy”. There was no indication whatsoever that this only applies to this specific bank branch. The client got the impression that delivery would also not be possible in other DB branches.

            We did ask Deutsche Bank if there are branches where delivery is actually possible, but did not receive any answer to that question.

            The Xetra-Gold Prospectus clearly states that shares are convertible into physical Gold at any time and brag about the amount distributed
            1. Deutsche Borse today released a statement saying: “Deliveries are made by a committee designated by investor branch of a bank requirement is that the office offers this service because the delivery can take place only through the depository bank of the investor”. Essentially, Deutsche Borse can make delivery at any bank branch willing to execute.
            And that means the banks can all refuse to do so.

            2.Why would a bank refuse ot handle the transaction other than too small or too inconvenient? 1.Counterparty Risk: In the case of a non DB branch, They are not comfortable with the counterparty on the other side of the transaction, in this case Deutsche Bank ultimately. They do not want to lay out Gold on a promise to get it back form DB
            2.A Deutsche Bank Branch: refusal by a DB branch is what happened here to GodMode. reasons? that particular branch was unable to deliver, because it didn’t have the Gold or a safe place to keep it- So which branch did they direct GodMode to?
            If GodMode wasn’t given a branch location where his execution could occur, then-Where is the Gold?

            3.GodMode then contacted Deutsche Borse Exchange seeking an alternate place to get their Gold DBE was unwilling/unable to give GodMode a branch or any bank that could make delivery without logistic problems

            MarketSlant’s Post

            Right about here writer Wall St. Whisperer posted on the situation and linked to the website that described the process for Gold delivery. We were politely asked to put the story on hold pending an explanation. Which we did. Meanwhile, GodMode and Zerohedge had not received an explanation and were writing their own responses.

            GodMode’s Oliver Baron Posts..
            WARNING: All translations from German are not perfect. We chose to use a translation program instead of copy/pasting most of the material from other sources

            Here is Oliver Baron of Godmode Trader, the original whistle blower on the “failure to deliver situation” Translated from German:

            “Yesterday’s article “Xetra-Gold: Nothing but a scrap of paper?” has struck nerves: Not only that GodmodeTrader was cited among others, at “Zero Hedge” a financial website influential on Wall Street, but also at Deutsche Bank and at Deutsche Boerse, where the article has caused quite an internal stir, as Godmode traders was informed.

            Next Baron states:

            The German Börse Commodities GmbH has now released a fairly spongy formulated observations on the physical Auslieferbarkeit of Xetra – Gold . The key phrases are: . . ” The German Börse Commodities GmbH Stresses that holders of Xetra – Gold shares at any time to exercise the right to delivery of securitized gold contends Deliveries are made by a committee designated by investor branch of a bank requirement is that the office offers this service because the delivery can take place only through the depository bank of the investor .In other words : It depends loud German Börse Commodities on the particular bank branch , whether the physical delivery can be carried out . In a telephone conversation the German Börse Commodities GmbH wanted against Godmode traders make no further information on whether the physical delivery in most bank branches , experience shows feasible or not . The German Börse Commodities GmbH could call on demand any bank in which the delivery works currently easily

            Oliver Concludes:

            Conclusion: The actually acquired with Xetra – Gold is entitled to the delivery of securitized gold is more theoretical : Only if the respective bank branch also cooperates, a physical delivery is possible . Suspicious gold investors should consider Xetra-Gold as another form of paper gold and not as a physical gold investment .

            Our Take at That Point

            Possible Explanations for what is in the least a technical violation of the prospectus contract. At worst it begs the question as to why DB took a delivery holiday and why was DBE complicit?

            From GodMode again

            Oliver Baron Redakteur

            We did also ask Deutsche Börse Commodities GmbH for a list of banks or bank branches, where delivery would be possible. Deutsche Börse Commodities told us they could not provide us with such information.
            1.Logistics errors were compounded with Bureaucratic responses- from our experience (see below), that is possible, but the structure and division of control vs responsibility is no accident. It is set up to bottleneck things if there ever were a delivery issue. Throttle demand when a rush comes. Similar to being able to subscribe to a mailing list but it being near impossible to remove yourself. A hallmark of Fractional Reserve Banking BTW.
            2.Deutsche Bank doesn’t have the Gold available

            Either way, to not come out and address the issue properly in this day and age a big mistake, and fosters growing mistrust. it creates bank runs and self-fullfilling prophecies. We do not picture a DBE representative telling us how Fractional Reserve Bullion banking is good for us like in “It’s a Wonderful Life”-SK

            Take Away Part 2
            Xetra-Gold may be in violation of its prospectus covenants even if only technically
            Something worse may be at work with regards to the fiduciary responsibilities of DBE and DB
            DB may have all the Gold in the world handy, but if Oliver Baron is being honest about GodModes difficulties then something is wrong
            Our personal experience tells us that this is a mix up. But even if it is, why not rectify it immediately. Unless of course you can’t or are just incumbent and the only show in town.

            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.
            1.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

            2.We tried to make delivery of a large sum of change AND THE BANK REFUSED OUR CASH 1.every bank said NO. They could not take that volume of change
            2.They all told us to contact an outside change service like Loomis, Brinks, or any other firm they had a contract to deliver with
            3.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!

            3.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 1.The FCM wanted its cash next day after we declared taking delivery
            2.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
            Subject: Re: Xetra-Gold


            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.


            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
            1.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
            2.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
            3.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?
            4.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.

            The Response

            Xetra Gold feedback of issuer

            [email protected]

            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:
            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:

            Thanks a lot,

            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. it will either be a logistical/administrative mix-up, or DB didn’t have the Gold and instructed branches to not be available and DBE to run interference, or something we missed that is much less/more nefarious- Soren K

            ht tp://


            • The gold and silver paper players are part of the manipulation scheme whether they know it or not.

        • I know a German that has plenty of tools. Trust me, when tshtf those responsible are in deep shit!

          • Yep and the system worked perfectly until the day Uncle Adolf wanted all the guns, and he got them.

        • Thank you. That was interesting.

      2. i’d be like, “that’s theft, shall I get violent?”

      3. The practice of offering a contract that states a specific amount and not ever having that amount on hand began with the Jewish banking cartel hundreds of years ago. It could be a contract for anything, such as, gold, silver, cash, real estate or even credit. When a bank gives you a credit card they are offering you something that they don’t have to give in the first place. You can create a credit card for $1 or one billion dollars but everyone will know that you don’t have the money. However everyone assumes that a bank has it. It is called FRAUD and this is how the entire banking system works today. It is a gigantic lie that everyone believes.

      4. So, why not take the current value of the gold in cash. You can still use cash. I think this is a deliberately leaked story so the bankers can claim the crash they plan is unavoidable. And it’s the customer’s fault. Everyone knows it’s a pansy, patsy, ponzie scheme. And this isn’t Happy Days.


        • They can make an infinite amount of cash and therefore devalue it. Conversely they can’t do that with gold.

          For all practical purposes the fraud that they’re doing is equivalent to knowingly and repeatedly writing a bad checks.

        • That’s not the point. The issue is it was sold as a product that had your Gold on demand. Presumably DB was given the Gold, so what went on and why? If the SHTF you cannot get Gold.

      5. In the USA, in the past few years, if someone tried to cash out their paper gold for the real metal stuff, the banks or holding companies would just offer a tidy little cash bonus to satisfy them.
        It seems to have worked so far, but soon? I’m not so sure people will tolerate it much longer.

      6. If your strategy for long-term water supply involves boiling or pasteurization, you need a two-stage procedure. The first stage should be to raise the water temperature by a method that does not use fuel or firewood. Using solar heaters like U-cook-it or by pumping water through hoses in large compost piles. The second stage is to use rocket stoves and firewood to heat the water to 165 degrees to pasteurize the water or 212 to boil it. There are Wapi devices to use with pasteurization to make sure that 165 degrees has been reached. The one step process of boiling water over an open flame will exhaust your fuel or wood.

      7. Government fraud continues because people continue to treat government like a rational human being. It isn’t rational nor is it human. It is a giant criminal entity that gets its power by not playing fair. It can kill, steal, and harm you in numerous ways but if you try to do the same to it, then your own people whom are also its victims will say that you are being bad and in the form of a jury will not hesitate to punish you. Unless the entire citizen body stops looking at its left side and right side as different creatures and unite against the common enemy, there will never be a solution. Peaceful protesting is a looser’s game. If you start doing to them what they do to you things will change very quickly. Start from the inside. Look at the panic and damage that only one Ed Snowden caused. Imagine a thousand Snowden. Now imagine a million Snowden. Now let’s try ten million Snowden. See why the government is pretending to listen in on ALL communications? Within seven days we could have our country back and the criminals would be locked out of all decisions, and locked in cells where they belong. A simultaneous inside attack by people that have all the passwords scares the hell out of the mega-criminals. And it could happen.

        • Yuuup.. and many of us are already compiling lists……

      8. Would this bank profit by sending gold prices higher ?

        I think they have the gold and are just trying to panic people into buying more gold in an effort to stop prices falling.

        Scammers work like this and me and a friend can hatch deals to make it look like one thing when we are trying to do another thing so watch out.

      9. “Trust me”, says the shark

      10. The banks sell you gold they do not own and charge you to store the gold they do not have.

        • Yep they are selling thin air with the word Gold on the IOU paper. That’s why you never keep anything of value in anybody else vault. Same with safety deposit boxes. They close the bank drill the boxes open and are gone, before you even know about it. but, but, but.. It says on this piece of paper I have a box. look right here.. lol


      11. Why do we trust banks so much?

      12. The US says it created 151,000 new jobs in the latest month statistics. Whoo, Whoo! But 20 years ago, when our population was much smaller, the government said we needed 300,000 new jobs every month just to stay even. Sooo, 151,000 subtracted from 300,000. We’re short about 150,000 new jobs every month. And that was just to stay even, not get ahead. So every month we fall behind in the jobs category. Almost 94 million working age people out of work. They claim an unemployment number of 4.9%. What they didn’t say was that if your unemployment bennies run out, you’re no longer counted in the unemployment numbers. If you got out of school and couldn’t get a full time job, you’re not counted in the unemployment numbers. The real number of unemployed is above 10%. The collapse is already here. It’s just a little out of camera range.

      13. Honor and integrity have lost any meaning is this World of Corruption. Yet, we,who believe in these concepts, have blind faith in the rich and powerful. The governments of all nations is where the power is, therefore all who seek jobs in government become corrupt. I am honorable, therefore I expect it from others. I am often, not always, sadly wrong.

      14. Like I keep saying, for a long time.

        “If you don’t hold it, you don’t own it”… Ponce

      15. “Via RT:”
        no one suspicious here, knowing “RT” is “russia today”?

      16. I am certainly showing my lack of financial savvy here, but I don’t get one country would trust another country with their wealth in gold.
        I don’t trust my bank as far as i can throw it but in order for me to be paid, i need that account…but what is Germany’s motivation to let france or the U.S. hold their physical gold?

        • Once upon a time they were told to,
          And now they (we) are finally growing a backbone.

        • France asked for payment in gold before in 1973 and that was the end of the gold standard but it’s no longer the USA that runs things, it’s jewish bankers and they control the money tree and also the fruit machine that people use to buy/sell gold.

          it’s just paid out ($14-$19.80 Silver) and the next jackpot is not due for another five years so i’m waiting for $12oz silver before buying any more even if COMEX catches fire like it does every year.

      17. Schroedingers Cat theory–until you request it, the gold is either there or it’s not-

      18. Buy US$ !! Buy US$ !! US$ is backed by US government !! Gold is not backed by anything !!
        As per comment from a CNN bimbo…

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