LBMA suspends Russian precious metals refinery from 'good delivery' lists

Section:

By Peter Hobson
Reuters
Tuesday, May 15, 2018

LONDON -- The London Bullion Market Association said today it had suspended the Ekaterinburg Non-Ferrous Metals Processing Plant from its gold and silver good delivery lists due to "ownership-related issues."

The refinery in Russia is controlled by Moscow-based conglomerate Renova Group, which along with its key shareholder, billionaire Viktor Vekselberg, was sanctioned by the United States on April 6.

... Dispatch continues below ...



ADVERTISEMENT

Goldco Is America's No. 1 Gold IRA Provider

Goldco Precious Metals was founded by Trevor Gerszt in 2006 with a mission to help Americans protect their retirement accounts from market volatility and inflation by adding precious metals like gold and silver.

Experts predict that we are headed toward another economic crash like the one in 2008. If you aren't prepared, your retirement savings could vanish. At Goldco we take the time to understand our customers' investment goals and objectives and give them the resources to feel confident that their money will be there for them when they need it.

To learn more about adding gold and silver precious metals to your retirement accounts, please visit Goldco here:

https://goldco.com/



The LBMA said in a notice the refinery would be removed from its active good delivery lists from May 14.

The good delivery lists contain refineries whose gold and silver bars meet the required standard for acceptability in the London bullion market, the world's largest.

The London Bullion Market Association did not comment when asked whether the suspension was linked directly to the sanctions. "Due diligence in regard to the credibility of the lists is continuously reviewed on an ongoing basis," LBMA chief executive Ruth Crowell said. ...

... For the remainder of the report:

https://www.reuters.com/article/usa-russia-sanctions-gold/update-1-lbma-...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16