) 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. But it remains one of the five banks that settle gold trades and one of 12 market makers that provide liquidity in the London market. It is also a participant in daily auctions that set a globally used gold benchmark price.
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