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China bypasses LBMA, buys unrefined gold from African and South American mines, Maguire says
11:38p ET Thursday, October 22, 2020
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, in his weekly interview with Shane Morand for Kinesis Money, says China is bypassing the banks of the London Bullion Market Association, which no longer can provide much metal, and buying unrefined gold directly from mines in Africa and South America.
This, Maguire says, is diminishing supply to the London bullion banks and thus weakening their ability to suppress the gold price. It also avoids getting noticed in the usual export data reports, Maguire says.
"China is up to something very big," Maguire says, and he suspects that it is to formally back the yuan with gold in preparation for a formal resetting of the gold price.
The interview is 37 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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