The Bank of France has partnered with U.S. banking group JPMorgan to expand its range of gold bullion services for central banks, sources familiar with the matter said on Monday. The French central bank’s second deputy governor Sylvie Goulard wrote in the Alchemist, the magazine of the London Bullion Market Association (LBMA), that it had partnered with “a large commercial bank” to offer swaps, leases and gold deposits from Paris. Sources said the bank was JPMorgan, one of the world’s largest bullion trading banks and a member of a group that settles trades in London’s $25 billion a day gold market. The Bank of England acts as a gold custodian and service provider for many other central banks and has the advantage of operating within the London market, by far the world’s largest commercial bullion trading pool. Until now central banks holding gold at the Bank of France had to go through London if they wanted to perform market transactions. JPMorgan said it...
from GoldBroker.com https://www.goldbroker.com/news/bank-france-partners-with-jpmorgan-boost-gold-bullion-services-1433
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