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Hearing Kenny King's suggestion, Yang Xing couldn't help but be moved. He remembered that he was hiding in the small archives room of the securities company to sort out a lot of foreign language materials. He did see Credit Suisse First Boston Bank announced on October 12, 2004 that it had withdrawn from its precious metal market-making, financial derivatives, liquidation and inventory businesses in London, New York and Sydney.

This news triggered a major earthquake in the international gold market at that time, marking the completion of the London gold spot trading system that lasted for nearly 90 years. Credit Suisse's move gave many gold producers hope. If you want to enter the London Pricing Committee in one step, many gold mining companies were fighting to buy the seat, but they all had to be tragic before they found out that the London Gold Pricing Committee had no intention of absorbing new members, so the five major gold banks became four major gold banks.

Yang Xing understood the mentality of the London Gold Pricing Committee, just like the permanent member of the United Nations. After World War II, the five victorious countries in the world have defined the current international political landscape after repeated competitions and games. After the war, Germany and Japan became more developed, they sharpened their heads and wanted to go in but failed repeatedly. It can be seen how strongly traditional forces resisted the upstarts' efforts to break the status quo. It would be useless to obtain the qualification of the London Gold Pricing Committee, not to figure out the reactions of the other four major gold banks.

However, compared with other competitors, Yang Xing has more confidence, that is, his special relationship with Rothschild. In 2001, he and the Rothschild family used $300 billion to attack the US stock market while the United States was hit by the "9/11" terrorist attack, which resulted in a sharp drop in the stock market. They made a huge fortune in national crisis. Although the US regulatory authorities investigated in various ways afterwards, the Rothschild family and several European financial institutions were inseparable from each other.

The mastermind Yang Xing not only made a big profit for Rothschild and a large number of European giants, but also handed over the position of the planner of this financial war to the Rothschild family, causing the family to fall into decline. However, the Rothschild family, who had always wanted to restore their ancestors' glory, became more prosperous in the international financial industry, and their relationship with Yang Xing became even more enthusiastic.

With the help of the Rothschild family, the European business of Zhongxing Group, which was originally progressing slowly, has finally opened up. Although on the surface, "all parties are destroyed" choose to fight each other, in the newly concluded acquisition of Aselo Steel Group, we can see the strength of these brother companies acting in concert with the mobilization of the headquarters, which has always been conservative and closed, that has to let the largest merger and acquisition case in the world's steel industry be released.

So before Welch came to Yang Xing, he was visiting Jacob Rothschild, who lived in seclusion in Scotland with Kenny King. One of the heads of the Rothschild family once gave Yang Xing strong support during the attack on the US stock market. It was through his recommendation that Yang Xing was able to meet many European aristocratic figures and not only obtained a lot of funds, but also entered the upper class. Now, in order to jointly obtain Xingfu Investment and Standard Bank to obtain the qualification of the London Gold Pricing Committee, Yang Xing has to bother him again.

Jacob Rothschild is an elegant old man with a little silver-colored brown hair, and his face looks dull at first glance. The vicissitudes of life don’t leave much marks, and he looks much younger than his actual age. But almost everyone will be attracted by his wise eyes when they see him. Although he is gentle and polite, he always gives people a sense of arrogance that he looks short when standing in front of him, feeling that “he looks down at all in the dim lights.”

However, Yang Xing is a future person with the advantage of rebirth. In this life, he built a huge foundation with his own efforts, and he was calm even when facing the prime minister of a major country. Therefore, although Jacob's aura is strong, he can make the rebellious Kenny and Jin a little helpless. However, Yang Xing is still neither humble nor arrogant and calm when standing in front of him. This may be the reason why Jacob made up his mind to cooperate with him to deal with the Americans with just a few words after seeing Yang Xing.

After hearing Yang Xing's plan, he pondered for a while, took a sip of coffee and replied: "I'm afraid this is a bit difficult. Do you know why Credit Suisse's First Boston Bank is withdrawing this time?" Yang Xing replied: "Is it because of the US Securities and Exchange Commission's investigation into the Wall Street IPO scandal."

Jacob nodded and said, "Yes, nor is it. Because of this scandal, Credit Suisse's reputation has been greatly damaged. To be a gold market maker, especially to become a member of the London Gold Pricing Committee, you must have a reputation, strong strength, and unanimous recognition from the bank. Credit Suisse's First Boston Bank no longer meets this requirement, so you voluntarily withdraw."

The incident Jacob and Yang Xing talked about was related to the regulatory review actions launched by the US Securities Regulatory Commission on more than a dozen major investment banks on Wall Street at the end of 2001. It was somewhat related to Yang Xing. In the 1990s, with the longest round of economic growth in the United States, the stock market frenzy led by high-tech technologies such as the Internet and biotechnology have been rising, and Wall Street's investment has played a great role in fueling the fire. In order to make a profit, Wall Street investment banks laid down the review standards and privately violated a series of financial regulatory measures and laws, providing support for the initial public offering of various companies that simply do not meet the requirements.

After the collapse of the Internet bubble, most small and medium-sized investors lost all their money, while Wall Street bosses passed the risks early on, with little losses. They continued to become more and more aggressive in colluding with large companies to make fake accounts, taking advantage of the "9/11" terrorist attacks in the United States. This kind of behavior has long caused dissatisfaction among the general public. Due to Yang Xing's secret announcement, economic scandals of large companies such as Enron and Worldcom broke out early. Supervisors led by New York State Attorney General Eliot Spitzer took advantage of public opinion to pursue many large American companies and investment banks that once provided them with financial guidance and services.

At that time, Wall Street lamented that this was a typical "account settlement after autumn". Under the investigation of Spitzer and others, in the winter of 2001, Wall Street also experienced a series of regulatory "911". US regulators conducted an unprecedented scale investigation on Wall Street. Merrill Lynch, Citigroup, Morgan Stanley and other top investors paid a fine of US$1.4 billion, including Credit Suisse's First Boston Bank.

The main reason why Credit Suisse First Boston Bank fell off the market is that it recommends technology stocks. During the Internet boom, Credit Suisse First Boston Bank is famous for its understanding of high technology and underwriting of popular online initial stocks. Once original technology and Internet stocks are listed, their stock prices will often rise by two or three times or even four times on the first day of listing. Credit Suisse First Boston Bank is suspected of selling to related customers at the original price when the stock is listed, and taking advantage of the opportunity to double the listing to make huge profits.

Due to the bursting of the Nasdaq tech bubble, the overall environment of the initial stock market has undergone a major reversal in just a few months. Since then, the original stocks listed often fell below the issue price on the first day of listing. Credit Suisse First Boston Bank's profitability has dropped sharply. Many customers complained that the bank did not stop the loss in time and did not promptly notify the customer of the change in the situation. Instead, it continued to fool customers into investing, causing customers to suffer major losses.

In addition, some people reported that the behavior made up for the losses and came up with "strange tricks" to attract customers. During the Enron and Worldcom storms, the bank's participation in fraudulent accounts was mentioned many times. Frank Quatrone was the famous president of Credit Suisse First Boston Bank and a typical representative of the success of the Internet in the late 1990s. However, in 2000, when the US authorities began to investigate whether Credit Suisse First Boston Bank had collected hedge fund rebates, Quatrone instigated employees to destroy relevant files and documents.

During this Wall Street regulatory storm, Quarterone was accused of obstructing justice and becoming the first executive to step down and be sued for this. The dark side of the parent company Credit Suisse Group was lost. In addition, the bank's gold business showed signs of shrinking. The new president drastically cut off its non-profit business and turned to private banking and investment banking businesses in an all-round way. Therefore, he announced that he had given up his position as the five major gold banks in London that had been in the past 90 years.

Jacob explained that in order to get the position of the five major gold banks, in addition to having strong capital, it also requires unanimous recognition from the industry. The international gold market is one of the few markets that are not controlled by super giants, and the internal competition is very fierce. Although it sounds like the five major gold banks in London have set international gold prices in a Rothschild Bank office, in fact, the five banks play more of a referee role, and the five major gold banks cannot cover the sky with one hand. Rothschild can at most introduce the star wealth and standards to other peers, and cannot ensure that they can definitely get the qualification of the London Gold Pricing Committee.

Yang Xing was not discouraged when he heard this. He had been doing business for so long. Although he dared not say that he could stand shoulder to shoulder with Welch, Jacob and others based on his own abilities, he had accumulated a lot of experience over the years. The key to doing business is to look forward to the long-term vision and to see the historical trends clearly are the winners.

The general trend of the international economy is that the West is not bright, the East is bright, and the US economy has just recovered, and the European economy is weak, with economic growth for a long time only 12%, so the demand for gold is naturally declining year by year. The Middle East and India in the East have traditionally been a major country in gold demand. With the rise of China's economy, the people's pursuit of gold jewelry after being rich and diversified foreign exchange reserves will only have greater impact on international gold prices. (...)

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Chapter completed!