Markets | Jewellery | Who's Who   Introduction

Frankfurt's principal role in the gold business today is as the home of the European Central Bank (ECB), arbiter of central bank gold policy for the eurozone countries, rather than as a forum of gold trading. Until the 1990s, however, Frankfurt was a key centre, with both Deutsche Bank and Dresdner Bank active participants in international trading, while also servicing an active demand for gold coins, mainly Krugerrands, in Germany or 'offshore' in Luxembourg.

Germany's third largest bank, Commerzbank, has always centred its gold operations out of Luxembourg. However, once Deutsche Bank bought the London broker Sharps Pixley in 1993 and secured its seat at the fixing, their gold operations have been centred in London, although Deutsche Bank in Frankfurt handles local physical business. The other German banks also focus most of their trading in London, including West LB from Cologne, which has established a global presence as a bullion bank.