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Gold market riggers call for reinforcements
JPMorgan Joins HSBC as Vault Custodian for Top Gold ETF
By Eddie Spence
Bloomberg News
Thursday, December 1, 2022
JPMorgan Chase & Co. will store gold held by the world’s biggest exchange-traded fund in its vaults, a major coup for the bank’s bullion business.
The lender will now act as an additional custodian for the SPDR Gold Trust, according to a statement from the World Gold Council, which launched the fund. Previously HSBC Holdings Plc had sole responsibility for holding the bullion.
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Tuesday, November 29, 2022
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It's a major win for JPMorgan, which will now be paid to guard part of the fund's more than $50 billion of bullion. Better known as GLD, it accounts for just under a third of all gold held by ETFs globally, according to an initial tally by Bloomberg.
JPMorgan and HSBC are the world's top two bullion banks, with businesses spanning everything from trading futures with hedge funds to sending physical gold across the globe. Their vaults are key to underpinning the London and New York markets, and also act as custodians for the biggest ETFs. ...
... For the remainder of the report:
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