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Scotiabank to close its metals business

Scotiabank metals

EDITOR'S NOTE: Move along citizens... nothing to see here. Nope, this has nothing to do with the decoupling of the paper market. No, there will be no more comments. Um... Move along. NOW.

P.S. - If you have some Scotia Mocatta Bars sitting in your safe or deposit box - they just gained in value, since there is now a collectors premium attached to the bars.

 

LONDON (Reuters) - Bank of Nova Scotia (Scotiabank) (BNS.TO) told staff on Tuesday it would close its metals business, drawing the curtain on one of the most venerable names in precious metals trading, two sources familiar with the matter told Reuters.

Scotia was for years the world’s biggest lender to the physical precious metals industry, with a history stretching to the founding in 1684 of London gold dealer Mocatta Bullion, which it bought in 1997.

Once a global player with more than 100 staff in offices from New York and London to India and Hong Kong, the bank sharply downsized the business in 2018 after a strategic review and an unsuccessful attempt to find a buyer.

Read Original Article at reuters.com

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