RBS closing precious metals desk

It has come to the attention of the media that The Royal Bank Of Scotland will be closing down their precious metals desk soon and maybe even closing their precious metal research team down as well.

A spokesperson for the bank declined to comment on the status of RBS's four-member precious metals trading team but instead reiterated the bank's earlier statement regarding the review of their precious metals research.

"We are constantly reviewing our businesses in line with our strategy but have nothing new to advise you on at this time," the spokesperson said.

RBS, which is 83%-owned by the U.K. taxpayer following a bailout during the financial crisis, only has commodity trading operations in precious metals after it sold its 51% stake in RBS Sempra Commodities in 2010.

The bank's precious metal trading operation is relatively small, and RBS is an Ordinary, rather than Market-Making, member of the London Bullion Market Association.