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3 Swiss banks drop unallocated gold to prepare for Basel III rules, London metals trader Maguire says
9:04p ET Thursday, January 28, 2021
Dear Friend of GATA and Gold:
In his latest interview with Shane Morand for Kinesis Money, London metals trader Andrew Maguire explains why the "Basel III" financial stability rules, which are soon to be imposed by the Bank for International Settlements, will push major banks out of the "daisy chain" of unallocated gold contracts and into physical gold holdings by the end of June.
... Dispatch continues below ...
Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System
Company Announcement via Globe Newswire
Thursday, July 2, 2020
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.
The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:
http://www.asantegold.com/assets/Video/SEMSpitMagSmthCore.mp4
In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...
... For the remainder of the announcement:
https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant...
Maguire adds that in anticipation of the new rules, three major Swiss banks -- UBS, Credit Suisse, and Julius Baer -- have just decided to exit the unallocated gold business immediately.
The major bullion banks represented by the London Bullion Market Association, Maguire says, are seeking exemption from the new rules but will have to comply with them because their counterparties in the European Union and Switzerland will be complying.
The "Basel III" rules, Maguire contends, will amount to an official upward revaluation of gold by $500 or more and an upward revaluation of silver by $10 or more.
The interview is 39 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=jErcxVAx_ME&feature=emb_logo
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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