Gold: All that glisters
There is widespread buzz that a broker has done its cods in a gold swap.
Talk is that the broker concerned, which was supposedly lining up an IPO this year, screwed up a roll in December that left it holding a very bad position.
The broker concerned is denying any problem, but well-placed sources say that three people have already lost their jobs. The initial loss is said to have been as much as $40 million, but this has been reduced by the broker’s somewhat bizarre decision to run the position. Inevitably, more will follow.